ALR

Alder Resources Ltd. (TSX VENTURE:ALR) ("Alder") today entered into a Business
Combination Agreement dated September 8, 2008 (the "Agreement") with Delavaco
Energy Inc. ("Delavaco"), a private Ontario corporation focused on oil
exploration in South America. If completed, the proposed business combination
transaction (the "Transaction") will effect the formal amalgamation of Alder and
Delavaco.


About Alder:

Alder was incorporated in British Colombia on August 4, 2006, completed its
initial public offering, and had its shares listed on the TSX Venture Exchange
(the "Exchange") on October 12, 2007. On October 11, 2007, Alder completed its
acquisition of an option to earn a 60% interest in the 1,330 hectare Pat Group
of mineral claims located in central British Columbia. That option has been
maintained.


Effective January 10, 2008 Alder entered into an agreement with Epsilon Energy
USA Inc. (a subsidiary of Epsilon Energy Ltd.) to earn a 15% working interest in
a 7-well natural gas drilling program on leases in Cabel, Mason and Jackson
Counties in West Virginia, U.S.A. As previously disclosed by Alder, all of the
wells have now been successfully drilled and completed. Five are waiting on
pipeline connections, and two of the wells have commenced production.


As of June 30, 2008, Alder had $821,325 in cash and cash equivalents on hand and
working capital of $820,550. Alder has 11,375,500 shares issued at this date.


About Delavaco:

Delavaco was incorporated in Ontario on November 1, 2007. Since incorporation,
Delavaco has completed several private placement equity financings with various
accredited investors and financial institutions in Canada, the United States and
the United Kingdom for aggregate gross proceeds in excess of $25 million.
Delavaco is headquartered in Calgary and Toronto, has two wholly-owned or
controlled subsidiaries (the "Subsidiaries") in Barbados and a branch office in
Bogota, Colombia.


To date, Delavaco has entered into private commercial agreements under which it
has acquired significant working interests in four oil and gas properties
located in Colombia, South America, being (i) a 51% working interest in the 228
square mile Rio Magdalena block located in the Middle Magdalena Basin; (ii) a
39% working interest in the 100 square mile Carbonera block located in the
Catatumbo Basin; (iii) a 45% working interest in the 29 square mile Chicuaco
block located in East Plains; and (iv) a 35% working interest in the 171 square
mile Talora block located in the midlands in the Tolima department
(collectively, the "Properties"). Delavaco's current strategy is to develop the
Properties while continuing to evaluate opportunities in Colombia and elsewhere
in South America.


The Transaction:

Pursuant to the Agreement, Alder will acquire 100% of the 49,113,900 issued and
outstanding shares in the capital of Delavaco (the "Delavaco Shares") in
exchange for the issuance of 212,221,551 common shares in the capital of Alder
(the "Alder Shares") to existing Delavaco shareholders (on a share exchange
ratio of 4.3210 Alder Shares for each Delavaco Share). The Transaction will
result in Delavaco becoming a wholly-owned subsidiary of Alder.


Upon completion of the Transaction, Alder will have a total of 223,597,051
shares issued. Alder shareholders will continue to hold 11,375,500 Alder Shares
(or approximately 5% of the total number of post-Transaction Alder Shares
calculated on a fully diluted basis) and Delavaco shareholders will hold
212,221,551 Alder Shares (or approximately 95% of the total number of
post-Transaction issued Alder Shares). Immediately following the completion of
the Transaction, but effectively simultaneously, the 223,597,051 issued shares
of Alder will be consolidated on a 1 new for 3 old basis to 74,532,350
consolidated shares. The above numbers are subject to minor adjustment pursuant
to the terms of the Agreement.


The Agreement has been approved by the Boards of Directors of each of Alder and
Delavaco. It is subject to the satisfaction of a number of customary conditions
for closing the Transaction, including approval of the Transaction and related
matters by the Exchange and by each of the Alder shareholders and the Delavaco
shareholders, and receipt of other necessary regulatory and governmental
approvals, if any. The Company will be applying to the Exchange for an exemption
from its normal Sponsorship requirement - but there is no certainty the
exemption will be granted.


In addition to approval of the Transaction, Alder shareholders will be asked to
approve a change in the name of Alder to Delavaco Energy Inc. Alder has
scheduled a Special meeting of its shareholders on October 27, 2008 to consider
approval of the Transaction. The proposed Transaction is expected to be
completed prior the end of the fourth quarter of 2008.


Following completion and closing of the Transaction, Delavaco's President and
Chief Executive Officer, Robert Szczuczko, who previously acted as the Executive
Vice President of Canoro Resources Ltd., will be appointed President and Chief
Executive Officer of Alder, which will move its principal office to Calgary,
Alberta. The existing Board of Directors and Officers of Alder will all resign.
A wholly new Board will be appointed, which is expected to include Mr. Szczuczko
and Delavaco's existing Directors, which are Joseph Feldman (former partner in
the law firm of Torkin Manes LLP and currently President of Joseph Feldman
Consulting Services Inc.), Andrew DeFrancesco (president of A to Z Capital
Corp., a private company engaged in private equity transactions, merchant
banking, corporate advisory services, change in control transactions and
mezzanine and subordinated debt financings) and Rocco Pugliese (President of
Paramount Structuring Ltd., a private high rise condominium and hotel
development company). The proposed new Directors are all residents of the
Province of Ontario, with the exception of Mr. Szczuczko, who is a resident of
the Province of Alberta.


Completion of the Transaction is subject to a number of conditions, including
Exchange acceptance and required shareholder approval. The Transaction cannot
close until the required shareholder approval is obtained. There can be no
assurance that the Transaction will be completed as proposed or at all.


Investors are cautioned that, except as disclosed in the management information
circular to be prepared in connection with the Transaction, any information
released or received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the securities of Alder
should be considered highly speculative.


The Exchange has in no way passed upon the merits of the proposed Transaction
and has neither approved nor disapproved the contents of this press release.


Forward Looking Statements

Certain information set forth in this press release, including management's
assessment of future plans and operations, contains forward-looking statements.
By their nature, forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond management's control, including the
impact of general economic conditions, industry conditions, volatility of
commodity prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, competition from other industry participants, the lack of
availability of qualified personnel or management, stock market volatility and
ability to access sufficient capital from internal and external sources. Readers
are cautioned that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on forward-looking
statements. Actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward-looking statements. No
assurance can be given that any of the events anticipated will transpire or
occur, or if any of them do so, what benefits will derive from them. Alder and
Delavaco disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

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