The Lubicon Lake Band has reached a land claim settlement with the Alberta and federal governments for $113 million.
The Cree band, which was left out of Treaty 8, is also to receive 246 square kilometres of land in the area of Little Buffalo, northeast of Peace River.
Premier Rachel Notley says the agreement — $18 million from Alberta and $95 million from Ottawa — has been a long time coming.
The Lubicon first took legal action in the 1980s, when Mounties arrested several band members and supporters after roadblocks were set up in the disputed area.
The Lubicon later agreed to a deal with Alberta that called for the creation of a reserve on the same spot near Little Buffalo.
But the agreement required the consent of the federal government and talks between Ottawa and the band broke down in the 1990s.
Another group called the Lubicon Lake Nation says it was not part of the latest negotiations and wants to study the details before commenting on the deal.
The Lubicon Lake Nation is about 450 kilometres north of Edmonton.