PETROLEUM PRICING

Charlottetown, Prince Edward Island, July 25, 2007 — The Island Regulatory and Appeals Commission announced today the following unscheduled price adjustment, effective 12:01 a.m., July 26, 2007:

• Gasoline prices will decrease by 4.0 cents per litre (cpl).

Including taxes, pump prices for regular unleaded gasoline at self-serve outlets will now range from 103.8 cpl to 105.4 cpl. There will be no changes to other petroleum prices at this time.

In announcing this unscheduled adjustment, the Commission noted that improved market conditions over the past week, including the return to full capacity of a number U.S. refineries and the related build in gasoline inventories, has reduced concern over the industry's ability to meet record setting consumer demand and has resulted in reduced wholesale costs.

The Commission's next scheduled price adjustment will be on August 1, 2007.