Taylor NGL Limited Partnership

Taylor NGL Limited Partnership

December 18, 2007 15:38 ET

Taylor NGL Limited Partnership Announces January 2008 Distribution and 2007 Tax Guidance

CALGARY, ALBERTA--(Marketwire - Dec. 18, 2007) - Taylor Gas Liquids Ltd., general partner of Taylor NGL Limited Partnership (TSX:TAY.UN) (TSX:TAY.DB), is pleased to announce a cash distribution of $0.0625 per limited partnership unit to be paid on January 15, 2008 to unitholders of record on December 31, 2007. This distribution will be applied in calculating income for tax purposes to be allocated to unitholders for Taylor's 2007 fiscal year.

On November 29, an affiliate of AltaGas Income Trust mailed an Offer to Purchase and Take over Bid Circular to Taylor NGL Limited Partnership unitholders. Taylor's Board of Directors unanimously recommends that unitholders accept the offer. Under the offer, unitholders can elect to receive cash, AltaGas trust units or exchangeable units subject to limits that are described in the Offer to Purchase. To assist unitholders in assessing the exchangeable unit alternative, the estimated income for tax purposes allocated to unitholders for Taylor's 2007 fiscal year will be approximately $0.53 per unit or 65 percent of distributions. Final income allocations will be made on the T5013 Statement of Partnership Income to be provided no later than February 29, 2008.


Taylor NGL Limited Partnership develops and invests in energy infrastructure opportunities in the areas of power generation, natural gas processing, and natural gas liquids production, processing, terminalling and pipelining.

Taylor currently owns and operates the Harmattan Complex, the RET Complex and the Joffre Extraction Plant, all in Alberta, and the Younger Extraction Plant in British Columbia. The Joffre and Younger plants are natural gas liquids extraction facilities that produce ethane, propane, butane and condensate. The Harmattan Complex and the RET Complex are natural gas processing facilities that provide services to oil and natural gas producers. The Partnership also owns two NGL pipelines - the Ethylene Delivery System and the Joffre Feedstock Pipeline, both of which move products between Joffre, Alberta and Fort Saskatchewan, Alberta. In addition, the Partnership has an interest in a run-of-river power generation facility located in British Columbia.

This press release contains certain forward-looking statements that are based on the Partnership's current expectations, estimates, projections and assumptions in light of its experience and its view of historical trends. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", "targets" and similar expressions. These statements are not guarantees of future performance and are subject to a number of risks and uncertainties as detailed in the Partnership's Annual Information Form under the heading "Risk Factors". Undue reliance should not be placed on these forward-looking statements, as known and unknown risks and uncertainties may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Examples of areas of risk and uncertainty include: volume of natural gas delivered for processing at the Partnership's facilities; ability of the facilities to process the natural gas delivered; cost of operating the facilities; cost of maintaining the facilities; and volume and value, net of feedstock costs, of the Partnership's proprietary products such as natural gas liquids (NGL), frac oil and CO2. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. Such forward-looking statements are expressly qualified by the above statements.

Taylor NGL Limited Partnership units and convertible debentures trade on the Toronto Stock Exchange (TSX) under the symbol TAY.UN and TAY.DB, respectively.

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