SOURCE: Alternate Energy Corporation

December 26, 2008 06:30 ET

Treaty Petroleum, Inc. and Alternate Energy Corp. Announce Merger

Treaty Petroleum Merged into Alternate Energy Corp. on December 24th -- Alternate Energy Corp. Will Change Name to Treaty Energy Corporation on or About December 29th

ABILENE, TX--(Marketwire - December 26, 2008) - Alternate Energy Corp. (OTCBB: ARGY) today announced that Treaty Petroleum, Inc. has merged with a wholly-owned subsidiary of the Company effective December 24, 2008. The Company anticipates that on or about December 29th the Company will change its name to Treaty Energy Corporation. Its ticker symbol will change from ARGY to a new symbol, and the reverse split of its common stock by a ratio of 8.032633 to 1 will become effective.

Treaty has developed a new website for the Company reflecting the Oil & Gas business that is now its future. This new website will be introduced upon the change of the Company's name to Treaty Energy Corporation. This merger will significantly enhance the ability and timeline for Treaty to meet future development and expansion goals.

Treaty continues to progress with its ongoing development and enhanced recovery program with re-completion, infield drilling and/or stimulation activities of multiple wells on currently owned properties in the prolifically productive Permian Basin of West Texas. Several new developmental drillsite locations are also mapped on acreage holding proven reserves, to kick off the first phase of a rapid, full development of the property. In addition to these activities currently ongoing, preparations are also in process for distribution related to the acquisition of additional oil and gas lease properties over the next few weeks. Treaty will continue to seek out and acquire properties in the Permian Basin that meet the criteria for their development and enhancement program, and is excited to be doing their part to diligently seek and utilize all possible opportunities to strengthen the ability of the United States to supply the maximum amount of its own crude oil and natural gas products possible.

About Treaty Petroleum, Inc.

Treaty is engaged in the acquisition, development and production of oil and natural gas, primarily in the West Texas Permian Basin. Treaty acquires and develops petroleum productive properties, many of which have "proven but undeveloped reserves" at the time of acquisition, that are economically beneficial and fit well into Treaty's program, but not strategic to large exploration-oriented oil and gas companies. This strategy provides Treaty with the proven assets to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration. Treaty's headquarters are located in Abilene, Texas.

Forward-Looking Statements:

Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms SB-2, 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.

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