(Houston - May 28, 2008) Plains All American Pipeline, L.P. (NYSE:PAA) announced today that its subsidiary Plains Midstream Canada ULC has closed the acquisition of all of the outstanding shares of Rainbow Pipe Line Company ULC ("Rainbow"). Total consideration for Rainbow, after adjustments and including the value of approximately 1.1 million barrels of crude oil linefill was C$683 million.
Plains All American Pipeline, L.P. is a publicly traded master limited partnership engaged in the transportation, storage, terminalling and marketing of crude oil, refined products and liquefied petroleum gas and other natural gas related petroleum products. Through its 50% equity ownership in PAA/Vulcan Gas Storage, LLC, the Partnership is also engaged in the development and operation of natural gas storage facilities. The Partnership is headquartered in Houston, Texas.
Contacts:
Manager, Investor Relations
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
or
Vice President
A. Patrick Diamond, 713-646-4487 – 800-564-3036
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