Austin Engineering Ord Shs V.ANG

RE: Over 1000 boe/d

[shambano]

CALGARY, Feb. 9 /CNW/ - AltaCanada Energy Corp., is pleased to report current production of approximately 1,080 BOE/d, comprised of 4.3 MMcf/d (720 BOE/d), as of February 9, 2006 from the Corporation's Montana acreage and 360 BOE/d from the Corporation's Canadian properties. Further Montana production additions are anticipated in the next few weeks as AltaCanada adds pipeline compression and completes the remaining two wells in the Corporation's January, 2006 drilling program. Production additions from the southwest region of AltaCanada's 200,000 net acreage position in Montana have exceeded expectations with individual wells capable of production rates in excess of 600 Mcf/d. Montana production increased from 1.3 MMcf/d in January, 2005 to 3.0 MMcf/d at year end. The Corporation's current production of 4.3 MMcf/d reflects increased levels of drilling success and additions to available infrastructure. During January the Corporation drilled 5 (4.31 net) shallow gas wells in Blaine County, Montana and successfully tested gas from 4 (3.49 net) wells. Production additions reflect the tie-in of 3 of these wells and the tie-in of 8 wells drilled under previous programs. The remaining 2 wells will be completed in February. A drilling contractor is committed for a 15-well program during March on our Montana acreage. In Canada, a well in the Cardiff area achieved payout and our interest reverted from a royalty interest to a 50% working interest on approximately 1 MMcf/d, increasing our Canadian production base to 360 BOE/d. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. BOEs MAY BE MISLEADING, PARTICULARLY IF USED IN ISOLATION. A BOE CONVERSION RATIO OF 6 MCF : 1 BBL IS BASED UPON AN ENERGY EQUIVALENCY CONVERSION METHOD PRIMARILY APPLICABLE AT THE BURNER TIP AND DOES NOT REPRESENT A VALUE EQUIVALENCY AT THE WELLHEAD