AltaCanada Updates the Fort Belknap, Montana, Drilling Program



    TSX-V SYMBOL: ANG

    CALGARY, Aug. 6 /CNW/ - During July, AltaCanada Energy Corp. (the
"Corporation") successfully drilled 4 (2.05 net) wells on the Fort Belknap
Indian Reservation. All four wells have been cased. Fracturing and flow
testing will be conducted over the next 30 days. Based on log analysis, the 3
(1.5 net) wells on the northern portion of the Reservation, nearest our
existing production facilities, are clearly gas productive with net gas pay
thicknesses of 92 ft, 48 ft and 34 ft respectively. These new wells, along
with 5 previous wells in the same area of the Reservation, support our
decision to build 7 miles of transmission pipeline (6") and a 20 mile
gathering system (4") to tie these wells in during Q4 2008.
    In the balance of the third quarter we will shoot an additional 31 miles
of 2-D seismic to precisely identify the next 10-15 drilling locations.

    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.





For further information:

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

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ALTACANADA ENERGY CORP.

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