News

Enbridge closes sale of additional AltaGas trust units

August 17, 2004


/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S./

CALGARY--(CCNMatthews - Aug. 17) - AltaGas Income Trust ("AltaGas") today 
announced that Enbridge has completed the sale of an additional 1,747,500 
Trust units of AltaGas Income Trust ("AltaGas") at a price of $19.75 per unit 
pursuant to the exercise of the over-allotment option granted to a group of 
Canadian underwriters. Including Enbridge's sale of 11,650,000 Trust units of 
AltaGas that closed on August 10, 2004 Enbridge's interest in AltaGas has 
been reduced from approximately 36 percent to approximately 9 percent.

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