Taylor NGL Limited Partnership

Taylor NGL Limited Partnership

March 22, 2005 08:48 ET

Taylor NGL Limited Partnership Announces Closing of Acquisition of the Harmattan Gas Processing Complex and Associated Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TAYLOR NGL LIMITED PARTNERSHIP

TSX SYMBOL: TAY.UN

MARCH 22, 2005 - 08:48 ET

Taylor NGL Limited Partnership Announces Closing of
Acquisition of the Harmattan Gas Processing Complex
and Associated Financing

CALGARY, ALBERTA--(CCNMatthews - March 22, 2005) - Taylor NGL Limited
Partnership (TSX:TAY.UN) ("Taylor", or the "Partnership") announced
today that it has completed the acquisition of the Harmattan Gas
Processing Complex and associated financing previously announced on
March 2, 2005. The total purchase price of the Harmattan Gas Processing
Complex was $189 million, subject to working capital and other
adjustments.

The acquisition was partially financed through a public offering of
13,000,000 partnership units and $50 million of 5.85% unsecured
subordinated debentures through a syndicate of underwriters led by CIBC
World Markets Inc. and including Clarus Securities Inc., National Bank
Financial Inc., Peters & Co. Limited, RBC Capital Markets and First
Associates Investments Inc. that raised gross proceeds of approximately
$170 million. The balance of the acquisition purchase price was funded
through debt facilities that have been arranged with CIBC, and which
have replaced Taylor's existing debt facilities.

This press release contains forward-looking statements, which are
subject to certain assumptions, risks and uncertainties that could cause
actual results to differ materially from those contemplated in the
forward-looking statements. Taylor disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise. These risks,
uncertainties and other factors include, among others, those discussed
in more detail under the heading "Risk Factors" in the prospectus and in
the Annual Information Form filed with the securities regulatory
authorities throughout Canada.

The securities offered have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons.

Taylor NGL Limited Partnership units trade on the Toronto Stock Exchange
under the symbol TAY.UN. The Partnership owns and operates the Joffre
Extraction Plant in Alberta, the Younger Extraction Plant in British
Columbia, and the RET Complex in southeastern Alberta. The Partnership
also owns two natural gas liquids pipelines in Alberta, the Ethylene
Delivery System and the Joffre Feedstock Pipeline. Both the Joffre and
Younger plants are natural gas liquids extraction facilities that
produce ethane, propane, butane and condensate. The RET Complex consists
of three interconnected natural gas processing facilities and their
associated gathering systems. The Ethylene Delivery System is used to
transport ethylene from NOVA Chemicals Corporation's Joffre
petrochemical complex to industrial customers and storage facilities in
Fort Saskatchewan and Prentiss, Alberta. The Joffre Feedstock Pipeline
transports natural gas liquids from Fort Saskatchewan to the NOVA
Chemicals Corporation's Joffre petrochemical complex.

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