Re: ARC Energy Fund 5's Holdings in Alberta Clipper Energy Inc.

    CALGARY, July 29 /CNW/ - ARC Equity Management (Fund 5) Ltd. (as the
general partner of ARC Energy Fund 5 Canadian Limited Partnership, ARC Energy
Fund 5 United States Limited Partnership and ARC Energy Fund 5 International
Limited Partnership, collectively "ARC Energy Fund 5") of Calgary, Alberta
announced that, as a result of the closing of the previously announced Plan of
Arrangement of Alberta Clipper Energy Inc. with a private company, ARC Energy
Fund 5 has acquired 5,288,235 common shares in the capital of Alberta Clipper
representing approximately 8.4% of the outstanding Alberta Clipper common
shares. As a result, ARC Energy Fund 5, together with ARC Energy Venture Fund
4, now exercises control and direction over an aggregate of 9,785,935 common
shares and options to acquire an additional 40,000 common shares of Alberta
Clipper which represent an aggregate approximately 15.7% of the outstanding
Alberta Clipper common shares (assuming the exercise of such options).

    ARC Energy Fund 5 is a private equity investment fund specializing in the
energy sector. Its general partner is ARC Equity Management (Fund 5) Ltd.,
part of the ARC Financial Group of companies. Although ARC Energy Fund 5 may
make further purchases of common shares of Alberta Clipper on the Toronto
Stock Exchange or through private purchases, such purchases will be made for
investment purposes.

    This press release has been issued in order to comply with applicable
securities legislation.

For further information:

For further information: or a copy of the securities report contact:
Lauchlan Currie, President, ARC Equity Management (Fund 5) Ltd., 4300, 400 -
3rd Avenue S.W., Calgary, Alberta, Telephone: (403) 292-0680, Fax: (403)

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