AltaGas Increases Ownership in Petrogas Through Its Energy Export Joint Venture

AltaGas Increases Ownership in Petrogas Through Its Energy Export Joint Venture 
CALGARY, ALBERTA -- (Marketwired) -- 10/24/13 -- AltaGas Ltd.
("AltaGas") (TSX:ALA)(TSX:ALA.PR.A)(TSX:ALA.PR.U) announced today
that it will increase its effective ownership of Petrogas Energy
Corp. ("Petrogas") to 33 1/3 percent. AltaGas plans to transfer its
current 25 percent ownership to the AltaGas Idemitsu Joint Venture
Limited Partnership ("Partnership"). The Partnership will acquire an
additional 41 2/3 percent interest in Petrogas. As a result of the
transaction, Petrogas will be owned one-third by each of AltaGas,
Idemitsu Kosan Co., Ltd. ("Idemitsu"), and its current shareholder. 
In January 2013 AltaGas and Idemitsu announced plans to pursue LPG
and LNG export opportunities from Canada's West Coast to Asia. LPG
exports could begin as early as 2016. Petrogas' extensive logistics
network consists of over 1,500 rail cars and 24 rail and truck
terminals, which provides the key infrastructure as well as supply
logistics and marketing expertise required to pursue LPG export
opportunities. Idemitsu is a global leader in the supply of energy,
petroleum, lubricants and petrochemical products and services to the
people of Japan. Included in its suite of businesses, Idemitsu owns
four refineries with capacity of 640,000 bbls/d and processes one
million tonnes of ethylene per year and is 51 percent owner of
Astomos Energy Corporation, one of the world's largest shippers and
marketers of LPG. AltaGas is experienced in constructing large scale
energy projects on-time and on-budget and over the past five years
has constructed over $1.2 billion of clean energy projects in British
"We are excited about the capabilities all three organizations bring
to this international energy business," said David Cornhill, Chairman
and CEO of AltaGas. "AltaGas and Petrogas bring key infrastructure
assets and marketing expertise which, combined with Idemitsu's global
leadership in energy supply and access to markets in Asia, greatly
enhance our ability to move LPG exports and other opportunities
No additional funding by AltaGas is required to increase its
effective ownership from 25 percent to one-third. AltaGas expects the
acquisition to be accretive to earnings per share by approximately
$0.10 in 2015. AltaGas' one-third interest in Petrogas will be
acquired for approximately $440 million.  
The acquisition is subject to customary regulatory approvals,
including the Competition Act, Hart Scott Rodino Antitrust
Improvement Act of 1976, and Investment Canada Act, and is expected
to close in first quarter 2014.  
TD Securities Inc. acted as the exclusive financial advisor to the
About AltaGas Ltd. 
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 clean energy sources. For more information
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 including anticipated completion of the transactions
contemplated above, expected closing date of such transactions and
receipt of all required regulatory approvals, expected contributions
by Petrogas to AltaGas' earnings per share; the ability to leverage
Petrogas assets and capture synergies; anticipated enhanced ability
to meet customer needs; anticipated access to additional NGL markets
with the optimization of AltaGas' facilities; and anticipated timing
of the commencement of LPG export activities. 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.
AltaGas Ltd.
Investment Community
1 877 691 7199 
AltaGas Ltd.
(403) 691 9873
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