| Team | GP | W | L | T | Pts | GF | GA | PIM | Coach | Playoff Results |
|---|---|---|---|---|---|---|---|---|---|---|
| Calgary Stampeders | 32 | 20 | 9 | 3 | 43 | 123 | 84 | 0 | Marty Burke | |
| Lethbridge Maple Leafs | 32 | 20 | 10 | 2 | 42 | 115 | 69 | 0 | Fred Metcalfe | |
| Turner Valley Oilers | 32 | 18 | 12 | 2 | 38 | 117 | 84 | 0 | Elmer Piper | |
| Edmonton Flyers | 32 | 14 | 15 | 3 | 31 | 112 | 119 | 0 | Eddie O'Keefe | |
| Olds Elks | 32 | 13 | 16 | 3 | 29 | 111 | 109 | 0 | Frank Coulson | |
| Drumheller Miners | 32 | 11 | 20 | 1 | 23 | 86 | 133 | 0 | Roy Bentley | |
| Coleman Canadians | 32 | 9 | 23 | 0 | 18 | 90 | 156 | 0 | Gordon "Duke" Keats |
| Sources: | Lethbridge Herald, Mar 1 1940, p. 12 (Standings and skater statistics.) |
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