Mr. Myles Dougan reports

ALTAGAS CLOSES PREFERRED SHARE OFFERING

AltaGas Ltd. has closed its previously announced public offering of eight million cumulative redeemable five-year rate reset preferred shares, Series A, at a price of $25 per Series A preferred share. The offering resulted in AltaGas receiving gross proceeds of $200-million.

The offering was announced in Stockwatch news on Aug. 10, 2010, when AltaGas entered into an agreement with a syndicate of underwriters, led by TD Securities Inc., RBC Capital Markets and CIBC World Markets Inc.

Net proceeds from the offering will be used to reduce outstanding indebtedness under AltaGas's credit facilities, thereby strengthening AltaGas's balance sheet and giving it the financial flexibility to support, among other things, construction activities related to the Forrest Kerr project.

The Series A preferred shares will commence trading today on the Toronto Stock Exchange under the symbol ALA.PR.A.