WESTCOAST ENERGY INC.

WESTCOAST ENERGY INC.
Union Gas Limited

Union Gas Limited

August 08, 2008 15:55 ET

Westcoast Energy and Union Gas Declare Dividends

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2008) - On August 8, 2008, Westcoast Energy Inc. declared the following quarterly dividends:

1. 5.50% CUMULATIVE FIRST PREFERRED SHARES, SERIES 7: A dividend of 34.375 cents per share payable on October 15, 2008 to shareholders of record at the close of business on October 1, 2008.

2. 5.60% CUMULATIVE FIRST PREFERRED SHARES, SERIES 8: A dividend of 35.00 cents per share payable on October 15, 2008 to shareholders of record at the close of business on October 1, 2008.

Also on August 8, 2008, Union Gas Limited declared the following quarterly dividends:

1. 5 1/2% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES A: A quarterly dividend of 69 cents per share payable on September 30, 2008 to shareholders of record at the close of business on September 5, 2008.

2. 6% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES B: A quarterly dividend of 75 cents per share payable on September 30, 2008 to shareholders of record at the close of business on September 5, 2008.

3. 5% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES C: A quarterly dividend of 62.5 cents per share payable on September 30, 2008 to shareholders of record at the close of business on September 5, 2008.

4. CUMULATIVE REDEEMABLE CONVERTIBLE CLASS B PREFERENCE SHARES, SERIES 11: A quarterly dividend of 29.9375 cents per share payable on September 30, 2008 to shareholders of record at the close of business on August 31, 2008.

All dividends paid or deemed paid for Canadian federal, provincial or territorial income tax purposes by Westcoast and Union (collectively the "Corporations") including the dividends above are designated eligible dividends pursuant to Subsection 89(14) of the Income Tax Act (Canada) or similar provincial or territorial legislation. This designation will apply to all such dividends paid or deemed paid in the future unless otherwise notified by the Corporations. An eligible dividend received by a Canadian resident individual shareholder is entitled to the enhanced dividend tax credit.

Westcoast Energy Inc. and Union Gas Limited are indirect subsidiaries of Spectra Energy Corp.

A FORTUNE 500 company, Spectra Energy Corp (NYSE:SE) is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For nearly a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 18,000 miles of transmission pipeline, 265 billion cubic feet of storage, natural gas gathering and processing, natural gas liquids operations and local distribution assets. Spectra Energy Corp also has a 50 percent ownership in DCP Midstream, the largest natural gas gatherer and processor in the United States. For more information, visit www.spectraenergy.com.

Contact Information

  • Spectra Energy
    Lise-Ann Jackson
    Media
    (403) 699-1506