Alter Nrg reports third quarter 2007 activities and financial results

    TSXV - NRG

    CALGARY, Nov. 26 /CNW/ - Alter Nrg Corp. (the "Company" or "Alter Nrg")
is pleased to report on its corporate activities and financial results for the
three-month and nine-month periods ended September 30, 2007. The following are
the highlights for the third quarter of 2007 and the period up to November 23,


    -   Announced a strategic joint venture with Jacoby Energy Development
        Inc. ("Jacoby") whereby they become the exclusive marketer of the
        Westinghouse Plasma Corporation ("WPC") plasma gasification
        technology for use in waste-to-energy applications, in Canada and the
        United States (WPC is a wholly-owned subsidiary of Alter Nrg Corp).
        Alter Nrg contributes the technology to the joint venture, and Jacoby
        contributes US$15 million over three to five years (August 2, 2007).

    -   Negotiated an option to invest up to 25% in the world's largest
        plasma gasification project that will convert household waste into
        electricity in St. Lucie, Florida (August 2, 2007). This also
        represents approximately US$50 million in technology and equipment
        sale revenues for Alter Nrg upon successful project development.

    -   Received preliminary State approval for the world's first coal power
        plant plasma gasification retrofit project in Somerset Massachusetts.
        Alter Nrg has an option (at its sole discretion) to invest from 10 to
        25% in this project. This also represents approximately US$30 million
        in technology and equipment sale revenues upon successful project

    -   SMS Infrastructures Limited has commenced construction of two
        68 tonne-per-day hazardous waste-to-energy plants in Pune and Nagpur,
        India that are installing the WPC plasma gasification technology.

    -   Four new projects in Kentucky, Louisiana, Minnesota and Florida using
        WPC plasma technology in the waste-to-energy and coal-to-liquids
        markets in the preliminary development stage were reported in the

    -   Closed a private placement with Coghill Capital Management for
        $10 million at a price of $2.27 per common share (November 16, 2007).
        The new shareholder has the option to invest an additional $5 million
        at $2.27 per share until December 3, 2007.

    -   Plasma system sales and services totaled $945,727 for the quarter, an
        increase of 110% over the prior quarter. Further sales, marketing and
        business development efforts are generating significant new project
        development and sales leads.

    -   Expanded the Alter Nrg executive team with the addition of Jim
        Fitzowich in the role of Chief Operating Officer, adding 20 years of
        senior power industry experience, and enhanced marketing and sales
        expertise at Westinghouse Plasma Corporation with the addition of a
        Director of Marketing, Thomas Gdaniec.

    -   Expanded the Company's Board of Directors with the addition of Mark
        Montemurro, President and CEO of Alter Nrg (August 20, 2007).

    For more information on the Company's activities please visit or to view Alter Nrg's 2007 Third Quarter


    Alter Nrg has continued to build on the accomplishments of the first half
of 2007, advancing projects in the waste-to-energy, power retrofit and
coal-to-liquids markets while ramping up our business development activities
and the technical work required to expand the Alter Nrg/WPC service offering.
    On August 2, Alter Nrg announced a joint venture with Jacoby Energy
Development Inc. that includes an option to invest, at Alter Nrg's sole
discretion, in the world's largest plasma gasification project to convert
household waste to electricity in St. Lucie County, Florida. This facility,
which will initially process 1,000 tons per day of garbage expanding to 3,000
tons per day and is expected to commence construction in late 2008, will
generate US$40 to US$50 million in technology sales revenues to Alter Nrg.
Should Alter Nrg opt to make an equity investment in St. Lucie, additional
annual revenues of $8 - $12 million are expected for phase 1, and
$15 - $20 million in phase 2.
    The Somerset Coal Retrofit project in Massachusetts continues to move
forward with our partners at NRG Energy (the largest independent power
producer in the US). The project received its preliminary state regulatory
approval in September, and had its public hearing in October. We will continue
to work with NRG Energy as their core technology supplier and, between now and
the first quarter of 2008, we will be evaluating whether to make an equity
investment of up to 25% in the project.
    While we remain committed to the use of strategic partnerships to
accelerate our growth and to mitigate certain project risks, we recognize that
it is prudent to continue pursuing our own separate opportunities in parallel.
With this in mind, we have been actively developing projects that are outside
our joint ventures and recently have been targeting those that are
geographically closer to home. This includes our large Fox Creek coal resource
which we are actively moving forward and for which we anticipate releasing a
public disclosure document in mid-2008.
    We continue to be pleased with the market demand for our commercially
proven plasma gasification technology. Alter Nrg has more than thirty
technology sale opportunities in more than a dozen countries, up from about
ten opportunities when Alter Nrg purchased WPC. The project developers of
these opportunities, which are mostly in the early stage of development, are
actively permitting and siting their projects and negotiating long-term
feedstock and product agreements. These projects, predominantly in the
waste-to energy sector, have an average intake capacity of 750 to 1,000 tons
per day and generate between 30 MW and 40 MW of power. With an average capital
cost in the order of $250 million (and technology sale revenue to Alter Nrg of
approximately $50 million per project) these facilities would take
approximately two years to complete, after receipt of regulatory approvals.
Following the repositioning and expansion of our gasification technology
product offering in the marketplace Alter Nrg has experienced a growing volume
of sales and business development inquiries, particularly in the
waste-to-energy market.
    As we look to further enhance our business development and marketing
activities, we have created an aggressive marketing and sales strategy which
will see us speaking at several industry conferences next year and exhibiting
at five or more industry trade shows. The first such opportunity is the
upcoming Power-Gen International Conference in New Orleans, where Alter Nrg
will participate through an exhibitor booth. This conference is the world's
largest power generation event, drawing more than 17,000 industry
professionals from 76 countries and 1,100 exhibiting companies. This venue
will provide us with the opportunity to promote the Alter Nrg/WPC
relationship, showcase what Alter Nrg is capable of doing with the WPC
technology, generate customer leads, contact potential project partners and
create valuable media relations opportunities.
    I am pleased to welcome James Fitzowich, our new Chief Operating Officer,
to the Alter Nrg Executive team. Jim brings a wealth of experience through his
20 years in the power industry in both Canada and the United States with EPCOR
Utilities Inc., TransCanada Pipelines and TransAlta Utilities Corp. He has a
proven track record in developing energy projects and building sizeable energy
companies. In total he has been involved in the development, acquisition or
sale of approximately $3 billion in power/industrial projects over the past 12
years in both Canada and the US.
    In closing, I am pleased with the opportunity-rich environment and the
numerous opportunities in both gasification project development and
gasification technology sales. Going forward, we remain execution focused and
are looking to have a steady stream of project announcements over the coming


    Alter Nrg solves two major challenges in the world today: responsibly
disposing of waste materials and providing clean sources of energy. Our vision
is to become a senior energy producer and a North American leader in the
development of innovative gasification projects.
    We own 100% of WPC, the company that developed and holds the patents for
the WPC plasma gasification technology. Plasma gasification takes waste or raw
fuel - bitumen, petroleum coke, coal or garbage - and, through the application
of intense heat, vaporizes these feed stocks into a synthetic gas (syngas)
that has many direct applications such as producing steam and power. We can
also apply existing available technology to convert this product into other
forms of energy - hydrogen, diesel, ethanol or methane. WPC licenses and sells
plasma gasification technology and products worldwide.
    Gasification creates value by taking low cost feed stocks that are
abundant and converting them into high value energy that the world requires.
The nature of the gasification process allows for the removal of harmful
contaminants which makes this an environmentally responsible process producing
cleaner energy. The recent change in the commodity price environment combined
with increasing environmental awareness within the general public has lead to
a rapid growth industry. The 2007 World Gasification Database shows that
existing world gasification capacity has grown 25% since its last report in
2004 and anticipates a further increase of over 30% by 2010. Alter Nrg is well
positioned to capitalize on this market with a commercially proven technology
that can be utilized in numerous market segments within this growing industry.
    Our business plan continues to evolve and grow as our technology gains
traction in the marketplace. We are continually being sought out by industry
leaders to partner and share our project management expertise in the
application of our unique technology in their businesses. This has led to
value creation opportunities through plasma gasification sales as well as
project participation in the clean energy projects. Beyond the sale of
gasification units, Alter Nrg intends to create incremental shareholder value
by aligning with strategic partners and taking an equity position in the most
accretive projects which provide long-life cash flows from energy sales.

    We have begun to apply our expertise to projects in four distinct 

    1. Waste-to-Energy (WTE) - This commercially proven application has been
operating successfully since 2002. Built on over 40 years of research and
development by WPC and its predecessor, Westinghouse Electric Corporation,
WPC's technology is a recognized industry leader throughout the world for
plasma gasification in the WTE sector. The WPC Plasma Gasification Reactor
virtually eliminates the need for feed preparation, a process step that
accounts for a significant portion of the capital and operating cost of other
commercial gasification technologies. Plus, our technology has the ability to
handle a wide range of feedstocks.
    Effective disposal of waste is a global problem and Alter Nrg has a
proven plasma gasification solution. Even a small share of this enormous
market represents multi-billion dollars of cash flow. Near-term projects could
be operational and producing a steady revenue stream as early as 2010. A
smaller scale project technology sale would provide $2.5 million in technology
revenues, while a standard full gasifier product sale would generate
$30 million and a large project would generate in the order of $75 million in
revenues. All projects are forecast to have attractive rates of return.

    2. Power Plant Retrofits - Through a strategic partnership with NRG
Energy, America's largest independent power producer, WPC technology will be
used to retrofit older power generation facilities. The first project of this
alliance, in Somerset, Massachusetts, is in the advanced stages of regulatory
approval. Each project is expected to be worth over US$30 million in
technology sales to Alter Nrg and would have an attractive rate of return.

    3. Petroleum Coke (PetCoke) - We have been approached by several
potential partners to apply our unique technology to convert this waste
by-product into usable clean energy. Alberta Energy Research Institute
predicts that "Alberta is destined to have the world's largest gasification
capacity" due to the unique confluence of feedstock and infrastructure. On
October 5th, Alberta Environment issued an Approvals Program Policy regarding
the burning of bitumen, petroleum coke or asphaltenes requiring project
applicants to use gasification technology, and to make the projects carbon
capture and storage ready. Alter Nrg is positioning to capture a portion of
this large market and expects to announce a project in the next 12 to 18

    4. Coal-to-Liquids (CTL) - Alter Nrg owns 876 million tonnes of
coal-in-place in Alberta, 770 million of which is in Fox Creek. This coal
asset was specifically chosen as feedstock for our CTL project due to its
proximity to infrastructure and to mature oil fields that would benefit from
enhanced oil recovery, providing a market and safe disposal of CO2 production.
A 10,000 bbl/d facility is projected to be operational between 2013 and 2015.
Alter Nrg's resource base at Fox Creek has enough coal to produce over 50,000
bbls/d of liquid fuel such as diesel for over 40 years.
    The Calgary-based Alter Nrg team has a track record of implementing
cost-effective, modular, scaleable, staged facilities with short construction
times. Several of our executives and directors have taken companies from
start-up to multi-billion dollar market caps in their business careers and a
number of our technical team members have direct senior gasification
experience with multi-national companies.


                    September 30,                                December 31,
                            2007                                        2006
    Total Assets   $  51,965,592                                $ 11,919,896
     Liabilities       2,174,537                                     663,717
    Total Equity   $  49,791,055                                $ 11,256,179

                                                                 Period from
                    Three months   Three months    Nine months  Inception on
                           ended          ended          ended    March 9 to
                    September 30,  September 30,  September 30,  December 31,
                            2007           2006           2007          2006

    Revenue        $   1,156,115  $      32,724  $   1,813,307  $     32,724
    Loss              (3,536,554)      (428,985)    (7,109,699)     (813,023)
    Loss per
     - basic and
     diluted       $       (0.09) $       (0.03) $       (0.23) $      (0.10)

    For the complete financial statements please visit or to view Alter Nrg's 2007 Third Quarter Report.


    Corporate overview

    Alter Nrg is in the business of pursuing alternative gasification energy
solutions to meet the growing demand for energy in world markets. The
Company's vision is to become a leader in the development of innovative
gasification projects for the commercial production of energy. Alter Nrg's
success will be measured through energy production - barrels of sulfur-free
diesel, steam, power, or synthetic natural gas, all of which are fundamental
products for the world's growing energy needs.
    Alter Nrg's mission is to participate in financially accretive projects
in the emerging alternative energy market to maximize returns for investors.
Alter Nrg endeavors to be a leader in innovative gasification related
technologies applied to produce profitable and clean alternative energy
solutions. The Company invests in the skills of its people who will provide
the creativity, determination and passion to generate growth in stakeholder
value. The Company will be transparent and fair in its activities and work
together to form positive relationships in the communities in which it
operates and with all of its stakeholders.

    On April 17, 2007 Alter Nrg had significant changes to its business

        -  Acquiring WPC, a private U.S. plasma gasification company
        -  Becoming publicly listed on the TSX Venture exchange
        -  Raising additional capital to fund business development efforts

    The acquisition of WPC provides Alter Nrg with a leading plasma
gasification technology. Alter Nrg is still focused on project development -
however, the control of a leading edge technology provides significant
benefits including:
        -  Early cash flows from technology sales
        -  Operational control of the technology for Alter Nrg projects
        -  Developing relationships with WPC customers which provides
           opportunities to invest (as a project partner) in projects which
           are using the WPC plasma gasification technology
        -  Ability to license and create joint ventures worldwide with
           companies that provide financial strength, existing market
           knowledge, and project development expertise.

    Strategic joint ventures

    The Company has entered into several strategic joint ventures since its
IPO on April 17, 2007 which include:

    NRG Energy Inc. ("NRG") - One of the leading electricity generators in
the U.S. Northeast and with a market capitalization over $8 billion, NRG owns
and operates over 24,000 MW of power generation assets, most of which are
located in the United States. NRG is a Fortune 500 company and is publicly
traded on the New York Stock Exchange. NRG has an exclusive license to use the
WPC technology in coal power plant retrofits where they take conventional coal
plants (with high emissions profiles) and convert the front end coal burning
to coal gasification which reduces the harmful environmental emissions. Alter
Nrg has the option to take up to a 25% equity participation in any project
that NRG advances. Alter Nrg is a core technology supplier to the coal power
retrofit projects with each project representing a $30 million or greater sale
of technology.

    Jacoby Energy Development Inc. - Jacoby is an alternative and renewable
energy company focused of providing environmentally sustainable and
economically viable alternative energy solutions. Jacoby has developed
multi-billion dollar projects and has received numerous awards including the
2006 Distinguished Conservationist award, 2006 ACEC award for excellence in
engineering design, 2004 Phoenix Award for Excellence in Brownfield
Development, and the 2004 Argon Award for Environmental Vision. Jacoby has
become the exclusive marketing arm of the WPC technology in the
waste-to-energy market as they have existing projects and potential projects
to develop. Jacoby and Alter Nrg have formed a 51%/49% joint venture whereby
Alter Nrg contributed an exclusive license in the waste-to-energy market
segment and Jacoby will contribute up to US$15 million dollars to fund G&A
expenditures. Alter Nrg retains the product and sales revenues directly and
has the option to participate as a 49% partner in all future projects.

    Going forward, Alter Nrg will continue to partner with companies that
provide financial strength, industry knowledge, technical strength and
existing project development that can accelerate corporate growth and mitigate
risk in our project development plans. The Company is also pursuing several
site acquisition opportunities for Alter Nrg operated projects in Canada in
the waste-to-energy and petroleum coke markets.

    Results from plasma system sales and services
                   Three month period ended   Period from WPC acquisition on
                         September 30, 2007   April 17 to September 30, 2007
    Sales revenue                 $ 945,727                      $ 1,394,547
    Selling costs                  (380,638)                        (532,873)
    Gross margin                  $ 565,089                        $ 861,674

    Plasma system sales and services are from WPC, (acquired April 17, 2007),
Alter Nrg's joint venture with Jacoby (from inception on August 2, 2007) and
engineering services provided by Alter Nrg for reactor design and process
engineering. In the prior quarter, plasma system sales and services consisted
solely of U.S. results from the WPC acquisition.
    WPC continuing operations include engineering, design, and equipment
sales of plasma arc gasification systems. Sales revenue is related to an
equipment sale in India, engineering service revenues, equipment parts sales
and revenue from licensing the WPC technology to the joint venture. For the
three month period ending September 30, 2007 sales revenues were $496,907
higher than the period from WPC acquisition on April 17 to June 30, 2007 as
the India equipment sale was near completion, parts sales increased and new
revenues for the quarter of $165,000 from Alter Nrg engineering services and
$137,920 from the joint venture. Going forward, management expects revenues to
increase as increased sales, marketing and business development processes are
implemented and as the plasma gasification market grows.
    The selling costs relate to direct materials and expenditures for
products and services, excluding labour, and reflect standard rates. Selling
costs are $228,403 higher for the three month period ended September 30, 2007
versus the period from WPC acquisition on April 17 to June 30, 2007 as
progress on the India equipment sale was near completion, parts sales were
higher in the quarter and due to subcontracting costs related to engineering
services provided by Alter Nrg.

    General and administrative expenses
                               Three month period          Nine month period
                         ended September 30, 2007   ended September 30, 2007
    General &
     expenses ("G&A")                 $ 1,884,265                $ 3,604,965

    G&A was $1,884,265 for the three month period ended September 30, 2007
versus $1,388,060 for the three month period ended June 30, 2007. The increase
in G&A of $496,205 for the three month period ended September 30, 2007 versus
the three month period ended June 30, 2007 relates primarily to an increase in
office costs as Alter Nrg moved in August 2007 to larger space to accommodate
its growth, salaries and wages from increased staffing as part of Alter Nrg's
corporate growth strategy, management investment in WPC business operations
and consulting fees related to recruitment and business development
    The largest G&A expenses in the nine month period relate to salaries of
$1,531,956, accrued bonuses of $548,540, general consulting costs of $373,795
and professional fees of $261,227. The remaining G&A is for office rent, Alter
Nrg's office move, employee benefits, business travel, information technology
costs and the general costs of setting up and maintaining an office.

    Interest income
                               Three month period          Nine month period
                         ended September 30, 2007   ended September 30, 2007
    Interest income                   $   210,388                $   418,760

    Interest income of $210,388 and $418,760 for the three and nine month
periods ended September 30, 2007, respectively, relates primarily to term
deposits which are invested in short-term, interest-bearing investments with a
major Canadian chartered bank. The investments were made with net proceeds
received from the equity issuances in 2006 and January 2007; the Company's IPO
on April 17, 2007; and the IPO over-allotment on May 16, 2007.

    Income taxes

    The income tax recovery of $66,120 and $137,853 for the three and nine
month period ended September 30, 2007 relates to non-capital losses incurred
by WPC in the U.S. at a tax rate of 44%. It is estimated that WPC will use
these losses within the year as it has commercial operations and is projected
to have taxable income within the next fiscal year.
    The Company had a loss from operations in Canada for the three and nine
month periods ended September 30, 2007, which resulted in a corresponding
future income tax recovery. The Company took a full valuation allowance on the
future income tax asset and tax recovery, as without commercial operations it
cannot be considered more likely than not that the future income tax benefits
could be realized.

    Loss and cashflow used in operations
                               Three month period          Nine month period
                         ended September 30, 2007   ended September 30, 2007
    Loss                             $ (3,536,554)              $ (7,109,699)
    Cash flow used in
     operations                        $ (372,115)              $ (2,185,403)

    The consolidated loss for the three month period ended September 30, 2007
was $3,536,554 and for the nine month period ended September 30, 2007 was
$7,109,699. During the three month period ended September 30, 2007, $380,638
related to selling costs and $1,884,265 in G&A costs. The remaining amount
related to non-cash charges for depreciation and amortization of $2,179,647,
of which $2,163,993 related to amortization of deferred compensation expense
related to the acquisition, and stock-based compensation of $263,226. The loss
was offset by sales of $945,727 and interest income of $210,388. Looking
forward, management is improving the sales, marketing and business development
processes to increase sales for 2008.
    Consolidated cash flow used in operations was $372,115 for the three
month period ended September 30, 2007 and $2,185,403 for the nine month period
ended September 30, 2007, which represents the current cash expenditures for
direct costs of good sold and G&A costs offset by sales revenue and interest

    Capital expenditures
                               Three month period          Nine month period
                         ended September 30, 2007   ended September 30, 2007
    Deferred costs                      $ 215,708                  $ 801,395
    Resource property
     assessment                           133,586                    337,527
    Capital assets                        288,459                    414,057
    Total capital
     expenditures incurred
     in the period                      $ 637,753                $ 1,552,979

    Capital expenditures related to deferred costs consist of engineering
evaluations and development work on plasma gasification systems and costs
related to setting up the joint venture with Jacoby. These deferred costs will
be amortized at the point in time a commercial project is substantially
completed. For the joint venture, costs will be amortized after the initial
six month termination period has lapsed.
    The resource property assessment costs relate to geological studies and
consultants to advance the coal resource owned by the Company.
    Capital assets consist of plant and facility costs to upgrade the WPC
facility and corporate asset costs including leasehold improvements and office
and computer equipment. Plant and facility costs of $120,470 were incurred in
the three month period ended September 30, 2007. Corporate asset spending of
$167,989 for the three month period ended September 30, 2007 (three months
ended June 30, 2007 - $112,390) related primarily to leasehold improvements of
$101,273 incurred for the WPC office and new Calgary head office space.
Remaining corporate asset spending has increased consistent with the increase
in personnel at WPC and the head office in Calgary.

    Quarterly information
                                        Q2(*)             Q3              Q4
    Capital expenditures       $     514,822   $   1,484,248   $     804,267
    Interest income                        -          32,724          50,642
    Net loss                        (384,038)       (428,985)       (844,868)
    Net loss per Unit          $       (0.04)  $       (0.03)  $       (0.06)
    (*) Period from inception (March 9, 2006) to June 30, 2006. The Fund had
        no significant activity in Q1 2006 from inception on March 9 to
        March 31, 2006.

                                          Q1              Q2              Q3
    Capital expenditures       $     321,141   $     594,085   $     637,753
    Interest income                   73,465         134,907         210,388
    Loss                            (311,382)     (3,261,763)     (3,536,554)
    Loss per Unit/Share        $       (0.02)  $       (0.09)  $       (0.09)

    The loss in the third quarter of 2007 relates primarily to depreciation
on intangible assets acquired through the acquisition of WPC. Looking forward,
management is implementing sales, marketing and business development processes
to increase technology revenues from WPC in the short-term. Over the long-term
management plans to create income from gasification projects, of which, two
option agreements have been entered into through strategic joint venture

    Liquidity and capital resources

    At September 30, 2007, the Company had $17,707,557 in cash and cash
equivalents resulting in a decrease in cash of $1,028,987 as compared to June
30, 2007. The decrease is attributed to the cash spending on G&A and capital
net of revenues received. The net working capital surplus of $16,556,089 is
primarily attributable to the cash and cash equivalents balances. The working
capital balance provides the Company with the capital to continue to invest in
its resource base, provide for general and administrative support for the team
and fund engineering studies to provide a strong technical foundation to
evaluate investment opportunities and allows for potential strategic
acquisition opportunities. Subsequent to quarter end the Company closed an
additional $10 million financing which includes warrants for an additional $5
million exercisable by December 3, 2007.


    As at September 30, 2007 the Company had 38,992,744 shares outstanding
and as at November 23, 2007 the Company had 43,398,030 shares outstanding.
    On April 17, 2007, the Fund reorganized into a Company and 17,555,272
Units were exchanged by the Fund's Unit holder's on a one-for-one basis for
Common Shares of the Company. The Company closed its IPO for 15,555,556 Common
Shares at $2.25 per Common Share and total gross proceeds of $35 million on
April 17, 2007. The shares of Alter Nrg Corp. immediately began trading on the
Toronto Venture Stock Exchange ("TSX-V") under the symbol NRG on that date. In
conjunction with the IPO the Company acquired WPC for consideration of
$22 million USD cash and $7 million USD in the Company's Common Shares at the
$2.25 IPO price.
    The Company granted the agents of the IPO an over-allotment option which
was closed on May 16, 2007 for 2,333,333 additional Common Shares at $2.25 per
Common Share and gross proceeds of $5.25 million.
    At September 30, 2007, the Company had 3,064,100 stock options
outstanding, of which 210,000 were issued in the three month period ended
September 30, 2007, at a weighted average exercise price of $2.49 per share.
    The authorized share capital of the Company consists of an unlimited
number of Common Shares.
    For the complete management's discussion and analysis please visit or to view Alter Nrg's 2007 Third Quarter
    The Company intends to grant 728,500 stock options to officers,
directors, employees and consultants on November 29, 2007. The pricing will be
based upon the lower of the five day weighted average trading price after
grant or $2.30. A total of 508,000 options will be granted to officers and

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


    Certain statements in this disclosure may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Corporation, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this disclosure, such statements use
such words as "may", "would", "could", "will", "intend", "expect", "believe",
"plan", "anticipate", "estimate", and other similar terminology. These
statements reflect the Corporation's current expectations regarding future
events and operating performance and speak only as of the date of this
disclosure. Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications of whether or not
such results will be achieved. A number of factors could cause actual results
to differ materially from the results discussed in the forward-looking
statements. Although the forward-looking statements contained in this
disclosure are based upon what Management believes are reasonable assumptions,
the Corporation cannot assure investors that actual results will be consistent
with these forward-looking statements. These forward-looking statements are
made as of the date of this disclosure, and, subject to applicable securities
laws, the Corporation assumes no obligation to update or revise them to
reflect new events or circumstances. This disclosure may contain
forward-looking statements pertaining to the following: capital expenditure
programs; supply and demand for the Corporation's services and industry
activity levels; commodity prices; income tax considerations; treatments under
governmental regulatory regimes.

For further information:

For further information: Mark Montemurro, President and Chief Executive
Officer, (403) 806-3877,; Daniel Hay, Chief Financial
Officer, (403) 806-3881,; Investor Relations, (403) 806-3875,

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