TC PipeLines, LP
NASDAQ : TCLP

TC PipeLines, LP

May 14, 2008 17:52 ET

Northern Border Pipeline Company Signs Agreement with Anadarko as Foundation Shipper for Bison Pipeline Project

OMAHA, NEBRASKA--(Marketwire - May 14, 2008) - Northern Border Pipeline Company (Northern Border) today announced that it has signed a letter agreement with Anadarko Energy Services Company, a subsidiary of Anadarko Petroleum Corporation (NYSE:APC), subject to the approval of Anadarko's Board of Directors, outlining among other things terms to establish Anadarko as a foundation shipper on the proposed Bison Pipeline Project. Anadarko's commitment is for 250 million cubic feet of natural gas per day (MMcf/d) on the proposed project with a term of 10 years.

"We have enjoyed working with Anadarko to secure its participation in the proposed Bison Project, which will provide Anadarko with a new outlet to diverse markets for its Powder River Basin supply of natural gas," said Paul F. Miller, vice president and general manager of Northern Border. "This foundation shipper commitment with Anadarko represents over 60 percent of the expected project capacity and is a milestone toward obtaining the necessary shipper support to advance the project."

Brian Jeffries, executive director of the Wyoming Pipeline Authority (WPA) indicates that the WPA has believed for some time that additional pipeline capacity from Wyoming was needed. Bison, a proposed new interstate pipeline that originates in Wyoming and terminates in North Dakota, where it links to the Northern Border system will provide natural gas producers with access to a major downstream pipeline system with 2.4 billion cubic feet of capacity and thereby a wide range of pricing and market opportunities.

As previously announced, Northern Border's wholly owned subsidiary, Bison Pipeline LLC, is conducting a binding open season for potential shippers to request firm pipeline capacity on the proposed Bison Pipeline Project. As proposed in the open season documents, Bison will consist of approximately 289 miles of 24-inch pipeline, compression and appurtenant facilities beginning near Dead Horse, Wyoming, and the facilities of Fort Union Gas Gathering, L.L.C. and Bighorn Gas Gathering, L.L.C. The pipeline will extend in a northeasterly direction to its terminus in Morton County, North Dakota, near Northern Border's Compressor Station No. 6. It is anticipated that the initial capacity of Bison will be approximately 400 MMcf/d with a maximum capacity of 660 MMcf/d. The projected in-service date for Bison is Nov. 15, 2010.

About Northern Border Pipeline Company

Northern Border is a general partnership that owns and operates a 1,249-mile interstate pipeline that transported approximately 18 percent of all Canadian gas imported into the United States in 2007. TC PipeLines, LP (NASDAQ:TCLP) owns a 50 percent general partner interest in Northern Border and an affiliate is the operator of the pipeline system. ONEOK Partners, L.P. (NYSE:OKS) owns the other 50 percent general partner interest.

About TC PipeLines, LP

TC PipeLines, LP is a publicly traded limited partnership. TC PipeLines, LP has interests in more than 3,600 miles of federally regulated U.S. interstate natural gas pipelines, including Great Lakes Gas Transmission Limited Partnership (46.45 percent ownership), and Tuscarora Gas Transmission Company (100 percent ownership) as well as its ownership interest in Northern Border.

About ONEOK Partners, L.P.

ONEOK Partners, L.P. (NYSE:OKS) is one of the largest publicly traded limited partnerships, and is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting much of the natural gas and NGL supply in the Mid-Continent with key market centers. The general partner of ONEOK Partners is a wholly owned subsidiary of ONEOK, Inc. (NYSE:OKE), which is a diversified energy company and owns 47.7 percent of the overall equity interest in ONEOK Partners. ONEOK is one of the largest natural gas distributors in the United States, and its energy services operation focuses primarily on marketing natural gas and related services throughout the U.S.

Contact Information

  • TC PipeLines, LP
    Media Inquiries
    Shela Shapiro / Cecily Dobson
    (403) 920-7859 or Toll Free: 1-800-608-7859
    or
    TC PipeLines, LP
    Investor & Analyst Inquiries
    Myles Dougan
    (403) 920-7911 or Toll Free: 1-800-361-6522
    Website: www.tcpipelineslp.com
    or
    ONEOK Partners, L.P.
    Media Inquiries
    Tom Droege
    (918) 588-7561
    or
    ONEOK Partners, L.P.
    Investor & Analyst Inquiries
    Christy Williamson
    (918) 588-7163
    or
    Anadarko Petroleum Corporation
    Amine Treating Services
    Chris Wilson
    (720) 929-6061