SOURCE: El Paso Corporation

El Paso Corporation

April 13, 2011 16:30 ET

El Paso Corporation to Develop Eagle Ford Shale Without a Partner

HOUSTON, TX--(Marketwire - Apr 13, 2011) - El Paso Corporation (NYSE: EP) reported today that it has decided to develop its Eagle Ford Shale program without a partner. This decision follows an extensive evaluation of proposals from potential partners.

"While interest in our Eagle Ford shale position was high, we believe that we will create greater value for shareholders by developing it ourselves," said Brent Smolik, president of El Paso Exploration & Production Company. "The Eagle Ford shale program is one of our most valuable assets, and we are very excited about the future of this program. It is a key resource for oil reserves and production growth; the wells in our Central area in LaSalle County, Texas are exceeding our expectations, and we continue to drive efficiencies in our drilling and completion processes as we have in the Haynesville shale program."

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, one of North America's largest independent oil and natural gas producers and an emerging midstream business. For more information, visit www.elpaso.com.

Cautionary Statement

This release includes certain forward-looking statements and projections. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, our ability to implement and achieve objectives in our 2011 plan and guidance; our ability to meet production volume targets in our Exploration and Production segment; the uncertainty of estimating proved reserves and unproved resources, the future level of service and capital costs, the availability and cost of financing to fund our future exploration and production operations; the success of our drilling programs with regard to proved undeveloped reserves and unproved resources; our ability to obtain necessary governmental approvals for proposed projects and our ability to successfully construct and operate such projects changes in commodity prices and basis differentials for oil, natural gas, and power; general economic and weather conditions in geographic regions or markets served by the company and its affiliates, or where operations of the company and its affiliates are located, including the risk of a global recession and negative impact on natural gas demand; the uncertainties associated with governmental regulation; competition; and other factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.

Contact Information

  • Contacts:
    Investor & Media Relations
    Bruce Connery
    Vice President
    (713) 420-5855

    Bill Baerg
    Manager
    (713) 420-2906