SOURCE: El Paso Corporation

El Paso Corporation

February 18, 2009 16:10 ET

El Paso Corporation Completes $252 Million of Non-Core Asset Sales

HOUSTON, TX--(Marketwire - February 18, 2009) - El Paso Corporation (NYSE: EP) reported today that it has closed on the sale of its interest in the Porto Velho power generation facility in Brazil for $178 million. El Paso received $100 million in cash and two notes for the balance from the buyer. With the closing of this transaction, El Paso has now completed the sale of all of its power assets in Brazil.

In January 2009, El Paso closed on the sale of two non-core natural gas producing properties for a total of approximately $74 million after purchase price adjustments. The properties, which were producing approximately 15 million cubic feet of gas equivalent per day at December 31, 2008, are located in the San Juan Basin in northwest New Mexico and along the Louisiana/Arkansas border.

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 www.elpaso.com.

Contact Information

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    Office: (713) 420-5855

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    Office: (713) 420-2906