AltaCanada Reserves Update


    CALGARY, March 13 /CNW/ - AltaCanada announces that an update to its
reserves, as of December 31, 2006 prepared by GLJ Petroleum Consultants
indicates no material change from reserves calculated in a mid-year update,
announced on October 31, 2006. These results reflect AltaCanada's conservative
drilling program for the second half of 2006, which, in essence, balanced
production declines with reserve additions. For Montana, total proved and
probable reserves were 15.8 BCF, compared to 15.7 BCF at July 1, 2006.
Company-wide, including our Alberta Reserves, proved and probable reserves
decreased slightly to 18.8 BCF from 19.0 BCF. Using current pricing
assumptions, the Net Present Value of the proved and probable reserves before
tax increased from $36.2 million to $37.8 million. The following table is a
summary of the results all values in Canadian dollars. Complete details in the
Report to Shareholders are available on our website (, on
SEDAR at, or from the Corporation.

                                MONTANA          ALBERTA           TOTAL
                             MMCF  PV10 M$    MMCF  PV10 M$    MMCF  PV10 M$
                             ----  -------    ----  -------    ----  -------

      July 1, 2006          6,589   16,859   2,009    6,148   8,598   23,007
      January 1, 2007       6,203   16,509   1,723    4,725   7,926   21,234

    July 1, 2006            8,994   19,093   2,331    6,809  11,325   25,902
    January 1, 2007         9,027   20,300   2,155    5,815  11,182   26,115

    July 1, 2006           15,693   27,108   3,288    9,188  18,981   36,296
    January 1, 2007        15,842   29,816   2,980    7,982  18,822   37,798

    For comparative purposes, proven and probable gas reserves at January 1,
2006 were 20.0 BCF and oil reserves were 346 MBBLS. The majority of
AltaCanada's oil reserves were sold for $5.5 million, effective July 1, 2006.
    Production for the last six months of the year was approximately 0.9 BCF,
offset by reserve additions from a total of 11 wells (9.4 net) in Montana and
8 wells (1.4 net) in Canada drilled during that time. AltaCanada has over 40
drill-ready locations in inventory. Present production from Montana is
3.5 MMcf/d and Alberta 1.2 MMcf/d.
    An independent appraisal of AltaCanada's undeveloped 174,707 net Montana
acres valued the land at CDN$12.3 million. At year-end, bank debt was
$8.5 million with 60.2 million outstanding shares. Using this data, our
estimated asset value at present natural gas and oil prices is $0.69/share.
    Complete details of the reserve evaluation will be filed on SEDAR in
accordance with National Instrument 51-101. Full financial results for the
year ending December 31, 2006 will be filed in April.

    Any statements in this release that are not historical in nature are
intended to be, and are hereby identified as "forward-looking statements".
Forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those indicated in the
forward-looking statements. Among these risks and uncertainties are
uncertainties as to the costs, pricing and production levels from the
properties in which the Corporation has interests, the extent of the
recoverable reserves at those properties, and the significant costs associated
with the exploration and development of the properties in which the
Corporation has interests. The Corporation undertakes no obligation to update
or revise forward-looking statements, whether as a result of new information,
future events, or otherwise.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    McfGEs may be misleading, particularly if used in isolation. An McfGE
    conversion ratio of 1 bbl : 6 Mcf 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, Telephone: (403)
265-9091 (ext 248), Fax: (403) 256-9021, Email: info@altacanada com

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