Fort Chicago announces normal course issuer bid


    Trading Symbol: FCE.UN
    Exchange: TSX

    CALGARY, Sept. 24 /CNW/ - Fort Chicago Energy Partners L.P. ("Fort
Chicago") announces that the Toronto Stock Exchange (the "TSX") has accepted
its notice of intention to make a normal course issuer bid. Fort Chicago has
not previously undertaken a normal course issuer bid.
    As of September 22, 2008, there were 134,110,877 Class A limited
partnership units of Fort Chicago ("Class A Units") outstanding. Under the
terms of the normal course issuer bid, Fort Chicago may acquire up to
6,705,543 Class A Units, being approximately 5% of the Class A Units
outstanding as at September 22, 2008, during the period from September 26,
2008 to September 25, 2009 or such earlier date as Fort Chicago may complete
its permitted purchases of Class A Units under the normal course issuer bid.
Pursuant to the TSX policies, permitted purchases by Fort Chicago under the
normal course issuer bid cannot exceed 38,409 Class A Units per trading day,
representing 25% of the six month average daily trading volume of 153,639
Class A Units on the TSX, subject to certain exceptions prescribed by the TSX
including the "block purchase exception".
    All purchases of Class A Units will be effected through the facilities of
the TSX and all Class A Units purchased will be cancelled by Fort Chicago. The
actual number of Class A Units that may be purchased under the normal course
issuer bid and the timing of any such purchases will be determined by Fort
Chicago. Class A Units will be purchased at the prevailing market price at the
time of purchase and will be purchased on behalf of Fort Chicago by a
registered investment dealer in accordance with the rules and policies of the
TSX. All purchases of Class A Units pursuant to the normal course issuer bid
are expected to be financed out of Fort Chicago's working capital.
    Mr. Stephen H. White, President and Chief Executive Officer of Fort
Chicago, commented, "While we have a number of good investment opportunities,
purchases of Class A Units from time to time is one we will consider at prices
that represent good value for Fort Chicago. Purchases will benefit all
unitholders who continue to hold Class A Units on the basis that their
proportionate equity interest in Fort Chicago will be increased. Management
believes that the current trading price of Class A Units represents
exceptional value and the current market conditions present a unique
opportunity to build unitholder value from a balanced allocation of capital."

    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, California and
Colorado, 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.

    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.

                     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).

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.,
Livingston Place, Suite 440, 222 - 3rd Avenue S.W., Calgary, AB, T2P 0B4,
Phone: (403) 296-0140, Fax: (403) 213-3648,

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