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

    CALGARY, Oct. 16 /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, it has acquired 400,000 common shares ("Common Shares") of
Alberta Clipper Energy Inc. ("Alberta Clipper") through a market purchase on
the Toronto Stock Exchange, representing approximately 0.64% of the
outstanding Common Shares for cash consideration of $0.90 per Common Share.
    ARC Energy Fund 5, together with ARC Energy Venture Fund 4, now exercises
control or direction over an aggregate of 11,285,935 Common Shares and 60,000
options to acquire Common Shares, representing an aggregate approximately
18.1% of the current outstanding Common Shares (assuming the exercise of such

    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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