Ladyfern Discovery Produces Beyond Expectations

Alberta Energy Company Ltd.'s Ladyfern discovery is producing more than 150 million cubic feet per day of natural gas. The discovery is located in northeast British Columbia. Initial gas from the field, which was first tested as a major discovery less than six months ago, began flowing May 17. The addition of Ladyfern has taken AEC's current daily gas production to more than 1.5 billion cubic feet per day, the first Canadian company to reach this level. Current daily gas production is 40 percent higher than the Company's average for all of 2000. AEC targets gas sales during the second quarter of 2001 to average 1.2 billion cubic feet per day. In addition, AEC expects to inject about 13 billion cubic feet of gas during the second quarter into its AECO C Hub storage facility in southeast Alberta. The Company is targeting average daily gas sales of approximately 1.5 billion and 1.9 billion cubic feet during the third and fourth quarters respectively of 2001.

AEC drilled nine Ladyfern wells last winter on a portion of the Company's 33,000 acres in the region. The Company is now evaluating its comprehensive and proprietary 2D and 3D seismic studies to select additional drilling locations for the winter of 2001-02.


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