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

    CALGARY, June 20 /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 an amended and restated
subscription agreement to acquire 9,756,098 (rather than the previously
announced 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 3.1%) and 9,756,098
subscription receipts (or 7.6%) of Ember, together representing approximately
10.7% 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 19, 2008, or
approximately 19.8% (being 25,447,690 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

    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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