Swan Hills announces sale of oil and gas properties, distribution and consolidation

    CALGARY, June 2 /CNW/ - Swan Hills Energy Limited Partnership (SWE.UN -
TSX-V) ("Swan Hills") announces that effective May 31, 2008, it completed the
sale of all of the oil and gas properties of Swan Hills (the "Sale
Transaction") for a purchase price of approximately $4.3 million, as
previously announced on April 29, 2008.
    Subsequent to the completion of the Sale Transaction on May 31, 2008,
Swan Hills distributed to limited partners of record on May 28, 2008, a cash
payment of $1.80 per unit, as previously announced on May 22, 2008, which
represents an amount equal to substantially all of the remaining assets of
Swan Hills less the sum of the debts and liabilities of Swan Hills owing as at
the date of the distribution.
    Swan Hills also announces that effective June 2, 2008, all of the
outstanding units (exclusive of newly established Class B Units) were
consolidated on the basis of 1 new unit for each 1,000,000 units held
immediately prior to the consolidation. As a result of completion of the
consolidation, the only remaining limited partners of Swan Hills are the
holders of the newly established Class B Units.
    Each of the Sale Transaction, certain amendments to the partnership
agreement, the distribution and the consolidation were approved by limited
partners of Swan Hills at a meeting held on May 27, 2008.
    The units are currently halted from trading on the TSXV and will be
delisted from the TSXV following the close of trading on Tuesday June 3, 2008.
Swan Hills intends to apply to cease to be a reporting issuer.

    The TSXV has not reviewed and does not accept responsibility for the
    adequacy or accuracy of the contents of this release.

For further information:

For further information: Alan Ross, President, Swan Hills Energy Limited
Partnership, Tel: (403) 294-0101

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