EP EL Paso Corp. (Holding Co.)

HOUSTON, Dec. 3 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE:EP) announced today that it has filed a federal right of way application with the U.S. Department of the Interior's Bureau of Land Management for El Paso's Ruby Pipeline project -- a 680-mile, 42-inch natural gas transmission pipeline that begins at the Opal Hub in Wyoming and terminates at the Malin, Oregon interconnect near California's northern border. Ruby will have an initial capacity of 1.2 billion cubic feet per day (Bcf/d) and is expandable to 2 Bcf/d. In addition, El Paso announced that it is planning to partner in the project with Bear Energy LP, a subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). Partnering discussions include Bear Energy becoming an initial shipper on the pipeline. "The Ruby Pipeline connects Rocky Mountain natural gas producers with one of the most attractive natural gas demand regions in the country," said Jim Cleary, president of El Paso's Western Pipeline Group. "Ruby will provide natural gas users in northern California, Nevada, and the Pacific Northwest with competitively priced natural gas from the nation's most important growth supply region." "We are excited about working with El Paso on this project," said Jeff Rawls, managing director of Bear Energy. "Given the production growth from the prolific Rocky Mountain region and the supply reliability objectives of the western U.S. states, the Ruby Pipeline is the right solution." El Paso is in discussions with other prospective shippers and will announce a formal open season shortly. Subject to Federal Energy Regulatory Commission and other regulatory approvals, and after obtaining necessary customer commitments, the Ruby Pipeline is anticipated to be in service in the first quarter of 2011. El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company owns North America's largest interstate natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit http://www.elpaso.com/. About Bear Energy: Bear Energy was founded in 2006 to provide flexible, comprehensive energy solutions in the physical and financial energy markets for clients across the energy value chain. Headquartered in Houston, Texas, Bear Energy currently employs an experienced team of 220 energy professionals with expertise in natural gas, electricity, coal, emissions and weather. To learn more about Bear Energy, please visit http://www.bearenergy.com/. Cautionary Statement Regarding Forward-Looking Statements This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, our ability to obtain all necessary regulatory approvals and to successfully construct and operate the proposed facilities described in this release; general economic conditions in geographic regions or markets served by El Paso Corporation and its affiliates, or where operations of the company and its affiliates are located, and other factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise. DATASOURCE: El Paso Corporation CONTACT: Investor and Public Relations, Bruce L. Connery, Vice President of El Paso Corporation, +1-713-420-5855, fax, +1-713-420-4417; or Media Relations, Richard Wheatley, Manager of El Paso Corporation, +1-713-420-6828, fax, +1-713-420-6431; or Monica Orbe, Corporate Communications of Bear, Stearns & Co. Inc., +1-212-272-9294 Web site: http://www.elpaso.com/ http://www.bearenergy.com/

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