WESTCOAST ENERGY INC.

WESTCOAST ENERGY INC.

February 20, 2008 17:50 ET

REVISED: Westcoast Energy and Union Gas Declare Dividends

REVISED: The following news release, originally issued on February 19, 2008, has been amended to adjust incorrect dates contained in the original.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2008) - On February 19, 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 April 15, 2008 to shareholders of record at the close of business on April 1, 2008.

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

Also on February 19, 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 March 31, 2008 to shareholders of record at the close of business on March 7, 2008.

2. 6% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES B: A quarterly dividend of 75 cents per share payable on March 31, 2008 to shareholders of record at the close of business on March 7, 2008.

3. 5% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES C: A quarterly dividend of 62.5 cents per share payable on March 31, 2008 to shareholders of record at the close of business on March 7, 2008.

4. CUMULATIVE REDEEMABLE CONVERTIBLE CLASS B PREFERENCE SHARES, SERIES 11: A quarterly dividend of 29.9375 cents per share payable on March 31, 2008 to shareholders of record at the close of business on February 29, 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.

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 close to a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related energy infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 17,500 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, one of the largest natural gas gatherers and processors in the United States. Visit www.spectraenergy.com for more information.

Contact Information

  • Spectra Energy
    Sandy Poggemiller
    Media
    (604) 691-5077 or (713) 627-4747 (24-hour media line)