News

Enbridge closes sale of AltaGas investment

August 10, 2004


/Not for distribution to U.S. newswire services or for dissemination in the U.S./

CALGARY--(CCNMatthews - Aug. 10) - AltaGas Income Trust ("AltaGas") announced 
today that Enbridge Inc. (Enbridge) has completed the previously announced 
sale of 11,650,000 Trust units of AltaGas to a group of Canadian underwriters 
at a price of $19.75. This sale reduces Enbridge's interest in AltaGas from 
approximately 36 percent to 13 percent.

Enbridge has granted the underwriters an over-allotment option to purchase an 
additional 1,747,500 AltaGas Trust units at the issue price of $19.75 per 
unit at any time up to 30 days after closing of the offering. Should the 
over-allotment option be taken up Enbridge's interest in AltaGas would be 
reduced to under 10 percent.

The sale, excluding the over-allotment, realized net proceeds to Enbridge of 
approximately $217 million.

AltaGas moves energy from its source to the end user, adding value through 
the process. The Trust has consolidated assets totaling almost $950 million 
and a market capitalization of approximately $1 billion. Our steadily 
expanding asset base today includes natural gas gathering and processing 
facilities, interests in ethane and natural gas liquids extraction plants, 
and transmission pipelines. AltaGas distributes natural gas to Alberta 
customers through AltaGas Utilities Inc., to customers in the Northwest 
Territories through the Ikhil Gas Project and distributes gas in Nova Scotia 
through its interest in Heritage Gas Limited. The Trust provides energy 
services to customers, including marketing of natural gas and natural gas 
liquids and sale of power from its power purchase based arrangements. 
AltaGas' Trust units are listed on the Toronto Stock Exchange under the 
symbol ALA.UN. The Trust is included in the S&P/TSX Capped Income Trust Index 
and the S&P/TSX Capped Energy Trust Index.

This news release does not constitute an offer to sell or a solicitation of 
an offer to buy the Trust Units in any jurisdiction. The Trust Units offered 
have not been, and will not be, registered under the United States Securities 
Act of 1933, as amended, and may not be offered or sold within the United 
States of America.

When used in this news release, the words "anticipate," "estimate," and 
similar expressions are intended to identify forward-looking statements. Such 
statements are subject to certain risks, uncertainties and assumptions that 
could cause actual results to differ materially from those contemplated in 
the forward looking statements. These risks and uncertainties include 
operating performance, regulatory and environmental issues, weather and 
economic conditions, competition and financing availability. For additional 
information on these and other factors see the reports filed by AltaGas with 
Canadian securities regulators. AltaGas disclaims any intention or obligation 
to update or revise any forward looking information whether as a result of 
new information or future event.

 


Media
Dennis Dawson
(403) 691-7534
Email: dennis.dawson@altagas.ca


or


Investment Community
Marilyn Pfaefflin
(403) 691-7540
Email: marilyn.pfaefflin@altagas.ca
Website: www.altagas.ca