Inter Pipeline Fund
TSX : IPL.UN

Inter Pipeline Fund

April 27, 2007 09:20 ET

Inter Pipeline Fund Provides Update on Acquisition of Corridor Oil Sands Pipeline System

CALGARY, ALBERTA--(CCNMatthews - April 27, 2007) - Inter Pipeline Fund (Inter Pipeline) (TSX:IPL.UN) is pleased to provide an update on the status of its acquisition of the Corridor Pipeline System (Corridor) from an affiliate of Kinder Morgan Inc. (Kinder Morgan), first announced on March 5th, 2007. Corridor is the sole transporter of diluted bitumen and related products produced by the Athabasca Oil Sands Project, a major oil sands mining and bitumen upgrading operation based in Alberta.

The rights of first refusal to acquire Corridor held by certain third parties were not exercised and have expired. Working in close collaboration with Kinder Morgan, Inter Pipeline intends to complete the remaining tasks associated with the transition of ownership and operations to Inter Pipeline over the next several weeks. Should all final closing conditions be met, Inter Pipeline anticipates that closing will take place in mid-May 2007.

Inter Pipeline Fund

Inter Pipeline is a major petroleum transportation, bulk liquid storage and natural gas liquids extraction business based in Calgary, Alberta, Canada. Structured as a publicly traded limited partnership, Inter Pipeline owns and operates energy infrastructure assets in western Canada, the United Kingdom, Germany and Ireland. Additional information about Inter Pipeline can be found at www.interpipelinefund.com.

Inter Pipeline is a member of the S&P/TSX Composite Index. Class A Units trade on the Toronto Stock Exchange under the symbol IPL.UN.

Eligible Investors

Only persons who are residents of Canada, or if partnerships, are Canadian partnerships, in each case for purposes of the Income Tax Act (Canada) are entitled to purchase and own Class A Units and debentures of Inter Pipeline.

Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements. Such information, although considered reasonable by the General Partner of Inter Pipeline at the time of preparation, may later prove to be incorrect and actual results may differ materially from those anticipated in the statements made. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions. Such risks and uncertainties include, but are not limited to, risks associated with operations, such as loss of markets, regulatory matters, environmental risks, industry competition and the ability to access sufficient capital from internal and external sources. You can find a discussion of those risks and uncertainties in Inter Pipeline's securities filings at www.sedar.com. Except to the extent required by applicable securities laws and regulations, Inter Pipeline assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary note.

All dollar values are expressed in Canadian dollars unless otherwise noted.

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