Alberta Clipper Energy Inc.
TSX : ACN

Alberta Clipper Energy Inc.

November 24, 2008 08:28 ET

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

CALGARY, ALBERTA--(Marketwire - Nov. 24, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWS WIRE SERVICES.

Alberta Clipper Energy Inc. ("Alberta Clipper")(TSX:ACN) announced today that it has entered into a bought deal financing agreement with a syndicate of underwriters led by GMP Securities L.P., and including, BMO Nesbitt Burns Inc., FirstEnergy Capital Corp., Canaccord Adams Inc., Acumen Capital Partners, and Wellington West Capital Inc. to issue 6,250,000 flow through shares on a private placement basis at a price of $0.80 per share for gross proceeds of $5,000,000. In addition the syndicate has been granted an option exercisable prior to closing of up to an additional 3,125,000 flow through shares at a price of $0.80 per share for gross proceeds of $2,500,000 which would increase the total offering to $7,500,000.

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 early December 2008.

Proceeds from this offering will be used to fund Alberta Clipper's near term Exploration activities which includes a 3-D seismic program at Kakwa and an exploratory re-completion program targeting newly identified regionally productive tertiary gas zones at Bigstone. The 3D seismic program at Kakwa is intended to further delineate a recent discovery made by the Company that has already yielded 3 consecutive successful wells. The re-completion program at Bigstone is intended to prove-up and exploit the multi-zone potential identified in the area. Remaining funds will be used to expand the company's multi-zone exploration drilling program at Kakwa and Economy Creek.

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 capital expenditures. More particularly, this press release contains statements concerning Alberta Clipper's future expansion of oil and gas property interests, exploration and development drilling, seismic operations, regulatory applications, capital expenditures, and number and drilling locations. 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.

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.

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

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