Bow Valley Energy Ltd. announces conclusion of strategic review; Sale of Canadian assets

    CALGARY, April 30 /CNW/ - Bow Valley Energy Ltd. (TSX - BVX) announces
that it has concluded its previously announced strategic review. As a result
of this review, the Company has entered into an agreement regarding the sale
of its Canadian assets to a third party for a purchase price of
C$74.25 million, subject to normal closing adjustments. The sale is effective
April 1, 2007 and is expected to close on or about May 31, 2007. Cash proceeds
from the sale will be used to retire Bow Valley Energy Ltd.'s Canadian debt,
which at March 31, 2007 was estimated at C$26.6 million. The remainder of the
net proceeds will be used to fund other international growth opportunities.
    Tristone Capital Inc. acted as the Company's financial advisor for the
    R.G. Moffat, President and CEO of Bow Valley commented, "The Canadian
operations provided strong production and cash flow growth in the Company's
early development but these assets now represent less than 15% of the
Company's total proved plus probable reserves. With the significant growth of
Bow Valley's international operations, the Canadian asset was no longer
strategic in our business plan. The net proceeds generated from the sale of
the Canadian assets are intended to fund future growth opportunities in Bow
Valley's core operating areas of the U.K. North Sea and the North Slope of
Alaska, both of which offer superior economic returns when compared to

    Bow Valley Energy Ltd. is an oil and natural gas exploration, development
and production company with operations in western Canada, Alaska and the U.K.
sector of the North Sea. The common shares of the Company trade on the Toronto
Stock Exchange under the symbol BVX.

    Certain statements included or incorporated by reference in this news
release constitute forward-looking statements or forward-looking information
under applicable securities legislation. Forward-looking statements or
information typically contain statements with words such as "anticipate",
"believe", "expect", "plan", "intend", "estimate", "propose", or similar words
suggesting future outcomes or statements regarding an outlook. Although the
Company believes that the expectations reflected in such forward-looking
statements or information are reasonable, undue reliance should not be placed
on forward-looking statements because the Company can give no assurance that
such expectations will prove to be correct. Forward-looking statements or
information are based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause actual results
to differ materially from those anticipated by the Company and described in
the forward-looking statements or information. The forward-looking statements
or information contained in this news release are made as of the date hereof
and the Company undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws. The forward looking statements or information contained in
this news release are expressly qualified by this cautionary statement.

    %SEDAR: 00008379E

For further information:

For further information: Bow Valley Energy Ltd., Robert G. Moffat,
President and Chief Executive Officer; Matthew L. Janisch, Vice President
Finance & Chief Financial Officer, Phone (403) 232-0292,

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