Alberta Clipper Energy Inc.
TSX : ACN

Alberta Clipper Energy Inc.

February 01, 2007 07:55 ET

Alberta Clipper Energy Inc. (TSX:ACN) Announces $17.25 Million Bought Deal Financing

CALGARY, ALBERTA--(CCNMatthews - Feb. 1, 2007) -

Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities law

Alberta Clipper Energy Inc. ("Alberta Clipper") (TSX:ACN) pleased to announce today that it has entered into a bought deal financing agreement with a syndicate of underwriters led by GMP Securities L.P., and including FirstEnergy Capital Corp, Canaccord Adams Inc. and BMO Nesbitt Burns Inc. to issue 2,500,000 flow through shares on a private placement basis at a price of $6.90 per share for gross proceeds of $17,250,000.

The flow through shares issued pursuant to the private placement will be subject to a four month hold from the date of closing of the private placement. Completion of this transaction is subject to receipt of all necessary regulatory approvals. This transaction is expected to close in mid-February 2007.

Proceeds from this offering will be used to fund Alberta Clipper's Exploration program thereby freeing up capital for development activities including the acceleration of the northern pipeline extension project at Trutch, British Columbia.

Alberta Clipper Energy Inc. is a publicly traded Canadian energy company involved in the exploration, development and production of natural gas and crude oil in western Canada.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. More particularly, this press release contains statements concerning Alberta Clipper's future production estimates, expansion of oil and gas property interests, exploration and development drilling, seismic operations, regulatory applications, payout estimates, capital expenditures, number and drilling locations to be drilled in 2006, seismic acquisitions and facilities upgrades. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Alberta Clipper's operations or financial results are included in Alberta Clipper Energy's reports on file with Canadian securities regulatory authorities.

The forward-looking statements or information contained in this news release are made as of the date hereof and Alberta Clipper undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable states securities laws.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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