(Houston - April 28, 2009) PAA Natural Gas Storage, LLC ("PNGS") today announced that IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the-counter (OTC) markets, has listed PNGS' Pine Prairie facility in Evangeline Parish, Louisiana, as a natural gas market hub on the ICE OTC trading platform. PNGS is indirectly owned 50% by Plains All American Pipeline, L.P. (NYSE: PAA) and 50% by Vulcan Capital.
"The listing of Pine Prairie Hub as a trading point by ICE is a meaningful step in the evolution of our Pine Prairie franchise," said Dean Liollio, President of PNGS. "ICE is a well-respected market platform that offers customers price discovery and the ability to buy and sell natural gas at a variety of physical market hubs throughout North America. The addition of Pine Prairie to the ICE system facilitates our customers' ability to efficiently utilize their leased storage and wheeling capacity at Pine Prairie to balance their system-wide natural gas needs and improves the liquidity of the Pine Prairie facility. Enhanced liquidity around a market hub is attractive for customers and we believe will ultimately improve the value of our asset."
Inquiries regarding storage and hub services at the Pine Prairie facility should be directed as follows:
PAA Natural Gas Storage, LLC currently owns and operates approximately 40 BCF of natural gas storage capacity located at its Bluewater facility in Michigan and Pine Prairie facility in South Louisiana, with an additional 8 BCF currently under construction. The joint venture has filed a permit for an additional 24 BCF of high-deliverability salt-cavern storage capacity at its Pine Prairie facility.
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% indirect ownership in PAA Natural 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.
Forward-Looking Statements
Certain statements made herein are forward-looking statements. They include statements regarding the expected benefits of Pine Prairie's ICE listing. These statements are based on management's current expectations and estimates; actual results may differ materially due to certain risks and uncertainties. These risks and uncertainties include, among other things, unanticipated shortages or cost increases in power supplies, materials and skilled labor, weather interference with business operations or project construction, disruption of domestic and foreign natural gas supplies, regulatory uncertainties and other factors and uncertainties inherent in the marketing, transportation, terminalling, gathering and storage of natural gas, as well as those factors and uncertainties inherent in the Partnership's business as discussed in the Partnership's filings with the Securities and Exchange Commission.
Contacts:
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
Manager, Investor Relations
or
A. Patrick Diamond, 713-646-4487 – 800-564-3036
Vice President
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