Alberta Clipper Enters into Bought Deal Financing Agreement

Alberta Clipper Energy has entered into a bought deal financing agreement with a syndicate of underwriters led by GMP Securities L.P., and including, BMO Nesbitt Burns Inc., FirstEnergy Capital Corp., Canaccord Adams Inc., Acumen Capital Partners, and Wellington West Capital Inc. to issue 6,250,000 flow through shares on a private placement basis at a price of $0.80 per share for gross proceeds of $5,000,000.

In addition the syndicate has been granted an option exercisable prior to closing of up to an additional 3,125,000 flow through shares at a price of $0.80 per share for gross proceeds of $2,500,000 which would increase the total offering to $7,500,000.

The flow through shares issued pursuant to the private placement will be subject to a four month hold from the date of closing of the private placement. Completion of this transaction is subject to receipt of all necessary regulatory approvals. This transaction is expected to close in early December 2008.

Proceeds from this offering will be used to fund Alberta Clipper's near term Exploration activities which includes a 3D seismic program at Kakwa and an exploratory re-completion program targeting newly identified regionally productive tertiary gas zones at Bigstone.

The 3D seismic program at Kakwa is intended to further delineate a recent discovery made by the Company that has already yielded 3 consecutive successful wells. The re-completion program at Bigstone is intended to prove-up and exploit the multi-zone potential identified in the area. Remaining funds will be used to expand the company's multi-zone exploration drilling program at Kakwa and Economy Creek.