Re: ARC Energy Fund 5's Holdings in Ember Resources Inc.

    CALGARY, June 9 /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 ARC Energy Fund 5 has entered into a subscription agreement to
acquire 8,536,586 subscription receipts of Ember Resources Inc. ("Ember") for
a proposed price of $2.05 per subscription receipt, subject to shareholder and
regulatory approvals. As a result, ARC Energy Fund 5 exercises control or
direction over an aggregate of 3,950,200 common shares (or 3.08%) and
8,536,586 subscription receipts (or 6.66%) of Ember, together representing
approximately 9.74% of the outstanding common shares (in each case, assuming
the issuance and conversion of the subscription receipts and the closing of
the plan of arrangement (the "Proposed Arrangement") proposed by Ember in
relation to Cordero Energy Inc. as set forth in Ember's press release of
June 6, 2008, or approximately 18.65% (being 23,909,025 common shares)
including the holdings of ARC Capital Ltd., ARC Energy Venture Fund 3 and ARC
Energy Venture Fund 4 in Cordero Energy Inc. (assuming the above issuances and
conversions and assuming such shareholders receive no cash under the Proposed
Arrangement and only receive common shares of Ember in exchange for their
holdings in Cordero). The subscription and exchange will only occur if the
Proposed Arrangement proceeds.

    ARC Energy Fund 5 is an 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 Ember on the Toronto Stock Exchange or
through private purchases, such purchases will be made for investment
    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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