EP EL Paso Corp. (Holding Co.)

HOUSTON, Dec. 10 /PRNewswire-FirstCall/ -- Tennessee Gas Pipeline Company (Tennessee), a wholly owned subsidiary of El Paso Corporation (NYSE:EP), together with Equitable Resources, Inc. (NYSE:EQT), announced today that they intend to jointly develop the Northeast Passage Project ("NEP"). Equitable Resources' unique combination status as an integrated energy company with emphasis on Appalachian area natural gas supply, transmission, and distribution allows Equitable to help anchor the project with a planned commitment of up to 300 million cubic feet per day. The Northeast Passage Project will consist of 471 miles of 36-inch diameter interstate natural gas pipeline with an initial capacity of 1.1 billion cubic feet per day, as well as 70,000 horsepower of compression. The project, designed to provide new transportation service between the terminus of the Rockies Express Pipeline project and northeastern markets, will begin at Clarington, OH, and terminate at a new interconnect with Iroquois Gas Transmission at Pleasant Valley, NY. Along the proposed route described above, the project will also provide strategic interconnections into Transcontinental Gas Pipeline, Texas Eastern Transmission, Algonquin Gas Transmission, and Millennium Pipeline. In addition, Tennessee proposes to expand its 300 and 200 lines to provide direct access to markets in New York and New England. This project will also interconnect with Tennessee's Gulf Coast mainline in Ohio, providing access to Mid-Continent, Appalachian, and Gulf Coast supplies, including LNG. The project has a planned in-service date of November 1, 2011, subject to documentation between the parties and regulatory approvals. "The Northeast Passage Project will provide critical new energy infrastructure to transport natural gas directly to city gates and strategic pipeline interconnects in the Northeast and Pennsylvania markets, while providing an alternative supply source for declining Canadian supplies," said Bryan Neskora, Tennessee's senior vice president and chief commercial officer. "We're excited to have a major participant in the natural gas business such as Equitable Resources join us in this important project. Equitable Resources' participation indicates support for the Northeast Passage Project from both the market and supply ends of the pipeline." "The Northeast Passage Project will have access to the newly resurgent Appalachian Basin where Equitable is the technological leader in horizontal drilling and in providing natural gas gathering and transportation infrastructure," said Murry Gerber, chairman and CEO of Equitable Resources. "We are pleased to join with El Paso on this important project that helps meet the nation's growing energy demand." To meet the planned in-service date, Tennessee is also announcing the commencement of an open season to obtain and finalize binding commitments from shippers for NEP's capacity. The open season begins December 10, 2007, and will close January 17, 2008. Details of the open season will be posted on Tennessee's electronic bulletin board or can be obtained by contacting Bob Bookstaber at (713) 420-2530. 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/. Equitable Resources, Inc. is an integrated energy company with emphasis on Appalachian area natural gas supply, transmission and distribution. Equitable Resources, its divisions and subsidiaries, offer natural gas to wholesale and retail customers through two business segments: Equitable Supply and Equitable Utilities. Equitable's website is http://www.eqt.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 companies have 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, the companies' ability to obtain contractual commitments and all necessary regulatory approvals and successfully construct and operate the proposed facilities described in this release; general economic conditions in geographic regions or markets in which the companies and their affiliates are located, conduct operations, or otherwise provide services; and other factors described in the companies' (and their affiliates') Securities and Exchange Commission filings. While the companies make these statements and projections in good faith, none of the companies or their respective managements 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. None of the companies assumes any obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the companies, whether as a result of new information, future events, or otherwise. DATASOURCE: El Paso Corporation CONTACT: Investor - Media Relations, Bruce L. Connery, Vice President, +1-713-420-5855, fax, +1-713-420-4417, or Media Relations, Richard Wheatley, Manager, +1-713-420-6828, Fax, +1-713-420-6341, both of El Paso Corporation Web site: http://www.elpaso.com/ http://www.eqt.com/

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