AltaCanada completes rights issue

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TSX-V SYMBOL: ANG

CALGARY, June 24 /CNW/ - AltaCanada Energy Corp. (the "Corporation") announces that it has completed its previously announced rights offering. The Corporation issued 91,554,901 Common Shares at $0.07/share for gross proceeds of $6,408,843 including $3,564,193 in cash and $2,844,650 in convertible debenture redemptions. The Corporation now has 167,067,592 issued and outstanding Common Shares of which ANG Partners, Ltd. and its affiliates now own 87,290,876 Common Shares or 52% of total outstanding.

The proceeds of the rights issue will be applied to reduce AltaCanada's debt and to provide funds for a new drilling program commencing third quarter to be centered on Jurassic and Bakken oil prospects located on the Corporation's acreage and for the restart and further completion of gas wells on the Corporation's Fort Belknap Montana property that were shut in during the period of low gas prices to preserve value.

The Corporation is engaged in the acquisition, exploitation and production of crude oil and natural gas reserves in Western Canada and Montana. For more information on the Corporation, visit www.altacanada.com.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTRUE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE ALTACANADA ENERGY CORP.

For further information: For further information: Don Foulkes, President & CEO, Telephone: (403) 265 9091 (ext 248), Fax: (403) 265 9021; Don Jackson, Exec VP & COO, (403) 265 9091 (ext 234), (403) 265 9021; Email: info@altacanada.com

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ALTACANADA ENERGY CORP.

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