Alberta Clipper Energy Inc. (ACN - TSX) Announces Completion of Subscription Receipt Financing



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
    CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./

    CALGARY, April 24 /CNW/ - Alberta Clipper Energy Inc. ("Alberta Clipper")
is pleased to announce today that it has completed its previously announced
subscription receipt financing of 13.1 million subscription receipts, each
entitling the holder thereof to receive one common share of Alberta Clipper at
an issue price of $4.20 per subscription receipt, resulting in gross proceeds
of approximately $55.0 million. The underwriting syndicate was led by GMP
Securities L.P., and included BMO Nesbitt Burns Inc., FirstEnergy Capital
Corp., and Canaccord Capital Corporation.
    The net proceeds of the offering will be used to fund a portion of the
purchase price of the previously announced acquisition of certain assets in
its core area of Sylvan Lake, Alberta for total cash consideration of
approximately $65.0 million, after certain closing adjustments. It is expected
that the asset acquisition will close on or about May 10, 2007.
    The subscription receipts will be available for trading on the Toronto
Stock Exchange under the symbol ACN.R and on closing of the acquisition, each
holder of a subscription receipt will receive one common share of Alberta
Clipper for no additional consideration.

    Alberta Clipper Energy Inc. is a publicly traded Canadian energy company
involved in the exploration, development and production of natural gas and
crude oil in western Canada.

    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities offered have not and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold in the United States except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable states securities laws.

    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release. Not for
    distribution to U.S. newswire services or for dissemination in the United
    States. Any failure to comply with this restriction may constitute a
    violation of U.S. securities law.

    %SEDAR: 00022458EE




For further information:

For further information: Kel Johnston, President & C.E.O., Alberta
Clipper Energy Inc., Telephone: (403) 440-3474, Facsimile: (403) 440-3475,
Website: www.albertaclipperenergy.com

Organization Profile

ALBERTA CLIPPER ENERGY INC.

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