AltaCanada proposes private placement

TSX-V SYMBOL: ANG

CALGARY, July 28 /CNW/ - AltaCanada Energy Corp. (the "Corporation") announces that, subject to the approval of the TSX Venture Exchange, it proposes to complete a private placement for 1,200,000 shares at $0.08/share with its President, Donald E. Foulkes. The shares will be subject to a hold period of four months pursuant to applicable securities laws.

Pursuant to the policies of the TSX Venture Exchange and Multilateral Instrument 61-101 ("MI61-101"), the private is classified as a "related parties transaction" as Donald Foulkes is a director and officer of the Corporation.

The private placement was approved by four of the five directors, Donald Foulkes having abstaining from the vote.

The directors who voted determined that exemptions from the formal valuation and minority shareholder approval requirements under MI61-101 are available since the aggregate consideration is reasonable and does not exceed 25% of the market capitalization of Corporation.

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 Jackson, Exec VP & COO, Telephone: (403) 265 9091 (ext 234), Fax: (403) 265 9021, Email: info@altacanada.com; Brian Page, VP Finance & CFO, Telephone: (403) 265 9091 (ext 233), Fax: (403) 265 9021, Email: Info@altacanada.com

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ALTACANADA ENERGY CORP.

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