Spectra Energy Income Fund

Spectra Energy Income Fund

January 28, 2008 18:34 ET

Spectra Energy Income Fund Announces Expansion at West Doe Facility

CALGARY, ALBERTA--(Marketwire - Jan. 28, 2008) - Spectra Energy Income Fund (TSX:SP.UN) ("the Fund") today announced expansion plans for its recently completed West Doe facility, located in the Peace River Arch area of northeast British Columbia. The project will consist of a 30-million cubic feet per day (mmcf/d) expansion of sour gas processing capability, increasing overall capacity at the West Doe facility to 53.5 mmcf/d. The project also includes a 50 per cent ownership interest in a 58 kilometre, 8-inch and 10-inch gathering pipeline from the Sundown area of northeast British Columbia. The approximately $41-million project is expected to be financed from existing credit facilities and is underpinned by firm take-or-pay contracts with area producers.

"The expansion of West Doe will provide important gas gathering and processing infrastructure in a dynamic exploration area of British Columbia," said Doug Haughey, president and chief executive officer of the Fund's manager. "We are very pleased with this continued growth of the Fund through customer driven expansions."

The project is subject to applicable regulatory approvals. The Sundown gathering pipeline is anticipated to commence deliveries to the existing West Doe plant during the second quarter of 2008. Expansion of the West Doe plant is expected to begin in the third quarter of 2008, with increased processing capacity available in the first quarter of 2009.

About Spectra Energy Income Fund

Spectra Energy Income Fund is an unincorporated open-ended trust established under the laws of the Province of Alberta and owns a 53.8 percent indirect interest in Spectra Energy Facilities LP ("SEF LP") which owns 100 per cent of Spectra Energy Midstream Corporation ("Spectra Midstream"). Spectra Energy indirectly owns the remaining 46.2 percent interest of SEF LP and is the sponsor of the Fund. Spectra Midstream is one of the largest independent midstream operations in the Western Canadian Sedimentary Basin ("WCSB") with interests in thirteen natural gas processing plants with a net processing capacity of 932 mmcf/d and over 1,600 kilometres of natural gas gathering pipelines located throughout natural gas prone areas in the western extent of the WCSB. More information on Spectra Energy Income Fund can be found at: http://www.spectraenergyfund.com.

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.

Forward-Looking Statements:

This news release includes statements that do not directly or exclusively relate to historical facts, referred to as "forward-looking statements." You can typically identify forward-looking statements by the use of forward-looking words, such as "may", "will", "could", "should", "project", "believe", "anticipate", "expect", "estimate", "continue", "potential", "plan", "forecast" and other similar words. The forward-looking statements reflect management's current intentions, plans, expectations, beliefs and assumptions about future events, including the outlook for general economic trends, industry trends,
commodity prices, capital markets, and the governmental, legal and regulatory environment. Forward-looking statements relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, new services, market forces, commitments and technological developments. These statements are subject to various known and unknown risks and uncertainties that are outside our control and could cause actual results to differ materially from the results expressed or implied by the forward-looking statements. Those risks and uncertainties include market and general economic conditions, future costs, treatment under government regulatory, tax and environmental regimes and the other material risks discussed in the Fund's Annual Information Form dated March 15, 2007, under "Risk Factors" and in the management's discussion and analysis of the Fund and Spectra Energy Facilities LP under the headings "Risk Profile" contained in the Fund's Annual Report for the year ended Dec. 31, 2006. Undue reliance should not be placed on this forward-looking information, which is given as of the date of this release, and the Fund undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Spectra Energy Income Fund
    Bob Bissett
    (403) 705-2008 or (713) 627-4747 (24-hour media line)
    Website: www.spectraenergyfund.com