HOUSTON, TX and El Paso Tennessee Pipeline Co. (EPTP), each a wholly owned subsidiary of El Paso Corporation (NYSE: EP), announced today the expiration and final results of their previously announced consent solicitations from holders of the debentures identified below. TGP's consent solicitation related to its 6 percent Debentures due 2011 (the TGP Debentures). EPTP's consent solicitation related to its 9 percent Debentures due 2012 and 7 1/4 percent Debentures due 2025 (the EPTP Debentures). The consent solicitations were made on the terms and conditions set forth in consent solicitation statements of TGP and EPTP, each dated July 9, 2008 (the Statements). The consent solicitations expired at 5:00 p.m., Eastern Time, on July 18, 2008 (the Expiration Date).

$85,792,000 in aggregate principal amount of the TGP Indentures, $1,149,000 in aggregate principal amount of the 9 percent EPTP Debentures and $23,206,000 in aggregate principal amount of the 7 1/4 EPTP Debentures were outstanding as of the Expiration Date.

As of the Expiration Date, TGP had received consents of holders of 84.39 percent in aggregate principal amount of the outstanding TGP Debentures, a percentage sufficient to amend the indenture as described in TGP's Statement.

As of the Expiration Date, EPTP had not received the requisite consents to amend the indenture, and the consent solicitation will not be extended. As such, the terms of the indenture governing the EPTP Debentures will not be amended, and no consent fee will be paid to holders who delivered consents in respect of the EPTP Debentures.

TGP will pay each holder of TGP Debentures who delivered a valid consent prior to the Expiration Date a cash consent fee of $2.50 for each $1,000 in principal amount of TGP Debentures in respect of which such consent was delivered.

The amendments to the TGP indenture governing the TGP Debentures will become effective upon execution of the supplemental indenture incorporating the amendments, which is expected to occur promptly.

Merrill Lynch & Co. and JPMorgan acted as Solicitation Agents for the consent solicitations. Global Bondholder Services Corporation acted as the Information Agent and Tabulation Agent.

TGP is a Delaware corporation incorporated in 1947, and an indirect wholly owned subsidiary of El Paso Corporation. Its primary business consists of the interstate transportation and storage of natural gas. TGP conducts its business activities through its natural gas pipeline system and storage facilities.

EPTP is a Delaware corporation and a wholly owned subsidiary of El Paso Corporation. EPTP serves as the holding company for the following businesses of El Paso: 1) TGP, 2) El Paso's Marketing business segment, which markets and manages the price risks associated with El Paso's natural gas and oil production as well as El Paso's remaining legacy trading portfolio, and 3) El Paso's Power business segment, which manages the risks associated with El Paso's remaining international power assets, primarily in Brazil, Asia and Central America.

El Paso Corporation provides natural gas and related energy products in a safe, efficient, dependable manner. El Paso Corporation 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.

Cautionary Statement Regarding Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based on assumptions that TGP and EPTP believe to be reasonable. However, actual results almost always vary from assumed facts and the differences can be material, depending upon the circumstances. As a result, you should not place undue reliance on such forward-looking statements. The words "believe," "expect," "estimate," "anticipate" and similar expressions will generally identify forward-looking statements. All of TGP's and EPTP's forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. In addition, TGP and EPTP disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

With this in mind, you should consider the risks discussed under the caption "Risk Factors" in TGP's and El Paso Corporation's Annual and Quarterly Reports on Forms 10-K and 10-Q and in the other documents TGP and El Paso Corporation file with the SEC from time to time, which could cause actual results to differ materially from those expressed in any forward-looking statement made by TGP or EPTP or on TGP's or EPTP's behalf.

Contacts Investor and Media Relations Bruce L. Connery Vice President Office: (713) 420-5855 Media Relations Bill Baerg Manager Office: (713) 420-2906

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