AltaCanada Energy Corp. - Montana wells being tested



    TSX-V SYMBOL: ANG

    CALGARY, Oct. 29 /CNW/ - AltaCanada Energy Corp. reports that two
exploratory wells on the Fort Belknap Indian Reservation in northern Montana
were cased in October. Both wells are currently being production tested and
indicate gas flows from several Eagle zones. Specific test data is being kept
confidential. The evaluation of the Corporation's 230,000 new gross acre block
on the Reservation is at a very preliminary stage and five additional wells
are planned before year end, including two deeper tests.
    AltaCanada's year-end 2006 reserve estimate, by GLJ Petroleum
Consultants, was mechanically updated to take into account nine months of 2007
production and a reduced pricing forecast equivalent to current gas prices.
This update, which does not include any 2007 reserve additions from new
drilling, indicates proven and probable reserves of 2.8 mmboe with a net
present value of future cash flow, discounted at 10%, of $34.7 million. A
revised net asset value for AltaCanada is $0.65 per share. Over 80% of these
assets are located in Montana and would be unaffected by any royalty changes
in Alberta.
    A comparison of Montana and Alberta royalties can be found on our website
www.Altacanada.com. Montana royalties are generally lower for most current
pricing assumptions.
    During August and September, management and directors exercised and hold
an additional 1,079,593 shares under the AltaCanada Stock Option Plan.

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    BOEs MAY BE MISLEADING, PARTICULARLY IF USED IN ISOLATION. A BOE
    CONVERSION RATIO OF 6 MCF : 1 BBL IS BASED UPON AN ENERGY EQUIVALENCY
    CONVERSION METHOD PRIMARILY APPLICABLE AT THE BURNER TIP AND DOES NOT
    REPRESENT A VALUE EQUIVALENCY AT THE WELLHEAD.

    The corporate information contained in this news release may contain
forward-looking forecast information. The reader is cautioned that assumptions
used in the preparation of such information, although considered reasonably
accurate by AltaCanada Energy Corp. at the time of preparation, may prove to
be incorrect. The actual results achieved during the forecast period will vary
from the information provided herein and the variations may be material.
Consequently there is no representation by AltaCanada Energy Corp. that actual
results achieved during the forecast period will be the same in whole or in
part as those forecast.





For further information:

For further information: Don Foulkes, President, Telephone: (403)
265-9091 (ext 248), Fax: (403) 265-9021, Email: info@altacanada.com

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ALTACANADA ENERGY CORP.

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