EXALTA ENERGY INC.
TSX : EXA

EXALTA ENERGY INC.

August 15, 2005 16:20 ET

ExAlta Energy Inc. Increased Capital Program and June 30, 2005 Interim Financial Statements

CALGARY, ALBERTA--(CCNMatthews - Aug. 15, 2005) - ExAlta Energy Inc. (TSX:EXA)

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Recognizing its substantial prospect inventory and strong financial position, ExAlta Energy Inc. ("ExAlta") is pleased to announce it has increased its capital expenditure program for the 2005 year to $38.5 million from the previously announced budget of $26.1 million. The revised plan provides for the drilling of 52 gross wells (29.4 net) in 2005 comprised of 26 exploration and 26 development wells.

Additional information is included in the Second Quarter Report which is also released today with the financial and operating results for the six months ended June 30, 2005. The Interim Financial Statements and MD&A, and Second Quarter Report to Shareholders have been filed today via SEDAR and are accessible at www.sedar.com and ExAlta's updated investor presentation is available on its website at www.exalta.ca.

Contact Information

  • ExAlta Energy Inc.
    James S. Blair
    President & Chief Executive Officer
    (403) 206-2404
    or
    ExAlta Energy Inc.
    Ian R. Robinson
    Vice President & Chief Financial Officer
    (403) 206-2410
    or
    ExAlta Energy Inc.
    1900, 520 - 5th Avenue SW
    Calgary, Alberta T2P 3R7
    (403) 206-2400
    (403) 206-2409 (FAX)