Fort Chicago Announces Increased Monthly Cash Distribution for November 2007



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

    Trading Symbol: FCE.UN
    Exchange: TSX

    CALGARY, Nov. 21 /CNW/ - Fort Chicago Energy Partners L.P. ("Fort
Chicago") announced today that the board of directors of Fort Chicago Energy
Management Ltd., the general partner of Fort Chicago, has declared a cash
distribution for November 2007 of $0.0833 per Class A limited partnership unit
of Fort Chicago ("Class A Unit"). The distribution will be paid on
December 21, 2007 to unitholders of record at the close of business on
November 30, 2007. Mr. Stephen H. White, President and Chief Executive Officer
commented that "This distribution, which on an annualized basis increases Fort
Chicago's distribution by $0.07 per Class A Unit (or 7.5%) to $1.00 per Class
A Unit, is in accordance with the revised distribution policy announced
earlier this month and is supported by Fort Chicago's expected distributable
cash earned for 2007 in the range of $1.25 per Class A Unit to $1.31 per Class
A Unit. These projected results reflect very strong earnings and cash flows
from Aux Sable, stable earnings and cash flows from the pipeline business and
contributions from the power assets acquired in August."
    Of this distribution, $0.0042 per Class A Unit will be considered U.S.
source interest income and $0.0735 per Class A Unit will be considered U.S.
source dividend income. The balance of the cash distribution of $0.0056 per
Class A Unit will be distributed without any deduction for U.S. withholding
taxes. While this distribution is considered to be a return of capital for
Canadian income tax purposes, unitholders are allocated a proportionate share
of Fort Chicago's taxable income. As a percent of projected cash distributions
paid, taxable income allocations are expected to be in the range of 85% to
100% in 2007. No portion of this distribution will be eligible for
reinvestment under the Premium Distribution, Distribution Reinvestment and
Optional Unit Purchase Plan.
    U.S. source dividends and U.S. source interest received by tax exempt
unitholders should not be subject to U.S. withholding tax under the income tax
treaty between the United States and Canada (the "Treaty"). U.S. source
interest received by taxable unitholders owning less than 10% of Fort
Chicago's Class A Units, should be exempt from U.S. withholding tax under what
is referred to as the portfolio interest exemption. If a taxable unitholder
does not qualify for this exemption, they should qualify for a reduced U.S.
withholding tax rate of 10%. U.S. source dividends received by taxable
unitholders should qualify for a reduced U.S. withholding tax rate of 15% (5%
for certain corporate unitholders owning more than 10% of Fort Chicago's Class
A Units). If neither the reduced Treaty rates nor the portfolio interest
exemption apply, all U.S. source income for U.S. tax purposes will be subject
to U.S. withholding tax at the statutory rate of 30%. Subject to certain
limitations, Unitholders paying U.S. withholding tax are entitled to claim a
foreign tax credit. If you are unsure of the taxable status of your account or
are currently subject to the statutory withholding tax rate of 30%, please
check with our transfer agent, Computershare Trust Company of Canada, or your
broker representative, as applicable, to ensure the applicable U.S. Internal
Revenue Service form W8-BEN, W8-IMY, W8-EXP or other relevant form has been
completed so that you are eligible to take advantage of the reduced Treaty
rates.

    Fort Chicago is a publicly traded limited partnership based in Calgary,
Alberta, that owns and operates energy infrastructure assets across North
America. Its Class A Units are listed on the TSX under the symbol FCE.UN and
have been assigned a stability rating by Dominion Bond Rating Service and
Standard & Poor's of STA-2 (low) and SR-2, respectively. Fort Chicago is
engaged in three principal businesses: a pipeline transportation business
comprised of interests in two pipeline systems, the Alliance Pipeline and the
Alberta Ethane Gathering System; an NGL extraction business which includes a
significant interest in a world-class extraction facility near Chicago; and a
power business with cogeneration facilities in Ontario and California,
district energy systems in Ontario and Prince Edward Island and waste heat
power facilities along the Alliance Pipeline. Fort Chicago and its businesses
are also actively developing a number of greenfield investment opportunities
that will be a key source of future growth, including LNG and pipeline
facilities on the U.S. west coast, Alberta-based ethane and NGL extraction
facilities, repowering and expansion opportunities at the California power
facilities and a Nova Scotia-based underground natural gas storage facility.

    
                     Class A Unit Ownership Restrictions
    

    Fort Chicago is organized in accordance with the terms and conditions of
a limited partnership agreement which provides that no Class A Units may be
transferred to, among other things, a person who is a "non-resident" of
Canada, a person in which an interest would be a "tax shelter investment" or a
partnership which is not a "Canadian partnership" for purposes of the Income
Tax Act (Canada).

    Certain information contained herein relating to, but not limited to,
Fort Chicago and its businesses constitutes forward-looking information under
applicable securities laws. All statements, other than statements of
historical fact, which address activities, events or developments that we
expect or anticipate may or will occur in the future, are forward-looking
information. Forward-looking information typically contains statements with
words such as "may", "estimate", "anticipate", "believe", "expect", "plan",
"intend", "target", "project", "forecast" or similar words suggesting future
outcomes or outlook. The following discussion is intended to identify certain
factors, although not necessarily all factors, which could cause future
outcomes to differ materially from those set forth in the forward-looking
information. The risks and uncertainties that may affect the operations,
performance, development and results of our businesses include, but are not
limited to, the following factors: the ability of Fort Chicago to successfully
implement its strategic initiatives and achieve expected benefits; the status,
credit risk and continued existence of contracted customers; the availability
and price of energy commodities; fluctuations in foreign exchange and interest
rates; the regulatory environment; competitive factors in the pipeline, NGL
and power industries; and the prevailing economic conditions in North America.
The reader is cautioned that these factors and risks are difficult to predict
and that the assumptions used in the preparation of such information, although
considered reasonably accurate by Fort Chicago at the time of preparation, may
prove to be incorrect or may not occur. Accordingly, readers are cautioned
that the actual results achieved will vary from the information provided
herein and the variations may be material. Readers are also cautioned that the
foregoing list of factors and risks is not exhaustive. Additional information
on these and other risks, uncertainties and factors that could affect Fort
Chicago's operations or financial results are included in our filings with the
securities commissions or similar authorities in each of the provinces of
Canada, as may be updated from time to time. There is no representation by
Fort Chicago that actual results achieved will be the same in whole or in part
as those set out in the forward-looking information. Furthermore, the
forward-looking statements contained herein are made as of the date hereof,
and Fort Chicago does not undertake any obligation to update publicly or to
revise any forward-looking information, whether as a result of new
information, future events or otherwise. Any forward-looking information
contained herein is expressly qualified by this cautionary statement.
    Certain financial information contained in this news release may not be
standard measures under Generally Accepted Accounting Principles ("GAAP") in
Canada and may not be comparable to similar measures presented by other
entities. These measures are considered to be important measures used by the
investment community and should be used to supplement other performance
measures prepared in accordance with GAAP in Canada. For further information
on non-GAAP financial measures used by Fort Chicago see Management's
Discussion and Analysis, in particular, the section entitled "Non-GAAP
Financial Measures" contained in the annual Management Discussion and
Analysis, filed by Fort Chicago with Canadian securities regulators.





For further information:

For further information: Stephen H. White, President and C.E.O.; Hume D.
Kyle, Vice President, Finance and C.F.O., Fort Chicago Energy Partners L.P.,
Stock Exchange Tower, 2150, 300 Fifth Avenue S.W., Calgary, AB, T2P 3C4,
Phone: (403) 296-0140, Fax: (403) 213-3648, www.fortchicago.com

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