If we delete data from a table, tables highwater mark doesnot come down. That's why u 
cannot reclaim the freespace after deletion from a table.

This FYI&A
--

On Fri, 09 Mar 2001 01:56:07  
 rafi wrote:
>Dear All,
>
>       Platform: Solaris 2.6, Oracle: 7.3.4.0
>
>We have a few tables which are growing very fast due to large no of
>insertions. But the data gets obselete after a month and we use a
>procedure to delete the obselete data from the tables. 
>
>       The problem is that the table does not free the space even after the deletion 
>of 40% of the data. 
>
>How can we re-claim the unused space which got created due to deletion?
>
>How do we ensure that future inserts are done in this unused space?
>
>
>               [We can not try exp/imp or truncate option 
>               due to the huge size  & high activity and 
>               online use of the tables].
>
>Kind Regards and thanks to all there,
>
>
>Rafi Ahmad
>
>
>
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