AltaGas Income Trust

AltaGas Income Trust

April 24, 2008 12:06 ET

AltaGas Income Trust Announces $55 Million in Projects at Harmattan Complex

CALGARY, ALBERTA--(Marketwire - April 24, 2008) - AltaGas Income Trust (AltaGas or the Trust) (TSX:ALA.UN) today announced it plans to spend approximately $55 million on projects to increase volumes and boost efficiency at its Harmattan Complex located approximately 100 kilometres northwest of Calgary, Alberta.

AltaGas will invest $24 million to construct on-site facilities and build a 30-kilometre pipeline between its Harmattan Complex and a gas plant in the Carstairs area of southern Alberta. It will also commission a new gathering system to the West and extend an existing gathering system to the North, spending a combined $7 million. A further $24 million will be directed to efficiency enhancements to reduce operating cost and increase reliability at the complex.

"Our gas business is growing," said David Cornhill, Chairman and CEO of AltaGas. "Our Harmattan Complex is the best choice for natural gas processing and NGL extraction in the Caroline - Crossfield corridor." He added, "We continue to develop and maximize our existing assets to offer cost-effective solutions for our producer customers."

The processing volume is expected to increase by 30 to 40 Mmcf/d and will increase AltaGas' extraction volumes by 1,800 to 2,400 Bbls/d when the projects are completed. The non-AltaGas owned Carstairs area facility will be reconfigured as a compressor station delivering raw gas to Harmattan. Further opportunities to build on Harmattan's strategic location via the consolidation of other gas plants in the area are being actively evaluated. The Carstairs pipeline is subject to regulatory approval and is expected to be in service in the fourth quarter of 2008.

AltaGas Income Trust is one of Canada's largest and fastest growing energy infrastructure organizations. The Trust creates value by acquiring, growing and optimizing gas and power infrastructure, including a focus on renewable energy sources.

AltaGas Income Trust's units are listed on the Toronto Stock Exchange under the symbol ALA.UN. The Trust is included in the S&P/TSX Composite Index, the S&P/TSX Income Trust Index and the S&P/TSX Capped Energy Trust Index.

This news release contains forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Trust or an affiliate of the Trust, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Trust's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Trust's public disclosure documents. Many factors could cause the Trust's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Trust does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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