Alternate Energy Corp. Announces Letter of Intent for the Merger of Treaty Petroleum, Inc. With a Wholly-Owned Subsidiary of Alternate Energy

• Press Release
• Source: Alternate Energy Corp.
• On Wednesday December 3, 2008, 9:40 am EST

BURLINGTON, ON--(MARKET WIRE)--Dec 3, 2008 -- Alternate Energy Corp. (OTC BB:ARGY.OB - News) announced today that it has entered into a Letter of Intent (LOI) with Treaty Petroleum, Inc. pursuant to which Treaty will merge with a wholly-owned subsidiary of Alternate Energy. In consideration of the merger, the shareholders of Treaty would receive at the closing a number of shares of Alternate Energy's common stock, which upon issuance would represent 90% of Alternate Energy's outstanding common stock. Upon completion of the merger, the surviving public company's name will be changed to Treaty Energy Corporation.

The shares to be received by shareholders of Treaty will not be registered for sale with the U.S. Securities and Exchange Commission and would, therefore, be subject to the rights and restrictions of Rule 144.

The closing is currently scheduled for December 12, 2008 and is conditional upon each party completing a due diligence review and the execution of a definitive agreement by the parties hereto.

About Alternate Energy Corp.

Alternate Energy Corp. is an energy company committed to delivering innovative, practical, and environmentally responsible fuel, power and chemical solutions to consumer, commercial, and government markets.

About Treaty Petroleum, Inc.

Treaty is engaged in the acquisition, development and production of oil primarily in West Texas. Treaty acquires and develops properties, many of which have "proven but undeveloped reserves" at the time of acquisition that are economically interesting to Treaty, but not strategic to exploration-oriented oil and gas companies. This strategy provides Treaty with the assets to develop and produce without the risk, cost and time involved in traditional exploration. Treaty's headquarters are located in Abilene, Texas.

Forward-Looking Statements:

Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms SB-2, 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.

     Contact:
     Alternate Energy Corp.
     Tel: 905-332-3110