ALA.PR.U AltaGas Ltd

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 Columbia. 


"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 forward."


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 Partnership.

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 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
AltaGas Ltd.
Investment Community
1 877 691 7199
investor.relations@altagas.ca


AltaGas Ltd.
Media
(403) 691 9873
media.relations@altagas.ca

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