AltaGas Ltd. Provides Update on Major Projects

AltaGas Ltd. Provides Update on Major Projects 
CALGARY, ALBERTA -- (Marketwire) -- 12/10/12 --  
AltaGas Ltd. ("AltaGas") (TSX:ALA) (TSX:ALA.PR.A) (TSX:ALA.PR.U)
today announced that the Gordondale Gas Plant (Gordondale) and the
Harmattan Co-stream project (Co-stream Project) have met commercial
in-service requirements. In 2012 AltaGas has added over 420 Mmcf/d of
processing capability.   
The Gordondale plant is one of the largest sour gas plants built in
Alberta in the last 15 years and was constructed in record time to
meet producers' requirements in the area. The 120 Mmcf/d facility
successfully commenced processing gas at the end of October slightly
ahead of schedule and is currently earning revenue under a long-term
take-or-pay contract. The plant is located in the Montney resource
area, one of the largest low-cost, liquids-rich resource plays in the
Western Canadian Sedimentary Basin. Given the deep cut capability and
strategic location of the plant, AltaGas expects utilization of the
plant to increase over the coming months.     
The Co-stream Project uses 250 Mmcf/d of existing spare capacity at
the Harmattan Complex and went into commercial operation at the end
of November. AltaGas is currently receiving revenue under a 20-year
cost-of-service contract with NOVA Chemicals Corporation. The
Co-stream Project recovers ethane and other NGLs from natural gas
sourced in the NOVA Gas Transmission Ltd. (NGTL) Western System.
AltaGas is currently processing 300 to 350 Mmcf/d or approximately 65
percent of plant capacity.  
"We are pleased to announce that these new gas projects are
contributing to our earnings and cash flow growth and look forward to
continuing to work with producers to provide midstream solutions in
key areas such as the liquids-rich Montney," said David Cornhill,
Chairman and CEO of AltaGas. "We have added over 420 Mmcf/d of
processing capability this year and these projects demonstrate our
ability to build and operate gas infrastructure assets in a very
challenging construction environment."     
AltaGas also announced today that its wholly owned subsidiary Pacific
Northern Gas Ltd. (PNG) is carrying out feasibility studies for
further expansion of its pipeline system to approximately 600 MMcf/d.
The PNG natural gas distribution system is the only natural gas
pipeline from the producing regions in Alberta and BC to the west
coast of Canada in service today. 
Progress on the NW hydro projects remains ahead of schedule and on
budget.  Construction of the 195 MW Forrest Kerr run-of-river project
is approximately 70 percent complete.  The in-river construction
commenced in mid-November and the sluiceway diverting the river is
now in operation. AltaGas received the water licences for the
McLymont Creek and Volcano Creek projects on November 28 and December
3 respectively.  
AltaGas is an energy infrastructure business with a focus on natural
gas, power and regulated utilities. AltaGas creates value by
acquiring, growing and optimizing its energy infrastructure,
including a focus on renewable energy sources.  For more information
visit: www.altagas.ca.    
This news release contains forward-looking statements. When used in
this news release, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to
AltaGas or an affiliate of AltaGas, are intended to identify
forward-looking statements. In particular, this news release contains
forward-looking statements with respect to, among other things,
business objectives, expected growth, results of operations,
performance, business projects and opportunities and financial
results. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements. Such statements reflect AltaGas' current
views with respect to future events based on certain material factors
and assumptions and are subject to certain risks and uncertainties,
including without limitation, changes in market, competition,
governmental or regulatory developments, general economic conditions
and other factors set out in AltaGas' public disclosure documents.
Many factors could cause AltaGas' actual results, performance or
achievements to vary from those described in this news release,
including without limitation those listed above. These factors should
not be construed as exhaustive. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described in this news release as intended,
planned, anticipated, believed, sought, proposed, estimated or
expected, and such forward-looking statements included in, or
incorporated by reference in this news release, should not be unduly
relied upon. Such statements speak only as of the date of this news
release. AltaGas does not intend, and does not assume any obligation,
to update these forward-looking statements. The forward-looking
statements contained in this news release are expressly qualified by
this cautionary statement. 
Contacts:
AltaGas Ltd.
Investment Community
1-877-691-7199
investor.relations@altagas.ca 
AltaGas Ltd.
Media
(403) 691-9873
media.relations@altagas.ca
 
 
Press spacebar to pause and continue. Press esc to stop.