WESTCOAST ENERGY INC.

WESTCOAST ENERGY INC.
Union Gas Limited

Union Gas Limited

May 07, 2007 18:20 ET

Westcoast Energy and Union Gas Declare Dividends

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 7, 2007) - On May 7, 2007, 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 July 15, 2007 to shareholders of record at the close of business on July 1, 2007.

2. 5.60% CUMULATIVE FIRST PREFERRED SHARES, SERIES 8: A dividend of 35.00 cents per share payable on July 15, 2007 to shareholders of record at the close of business on July 1, 2007.

Also on May 7, 2007, Union Gas Limited declared the following quarterly dividends:

1. 51/2% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES A: A quarterly dividend of 68 cents per share payable on June 30, 2007 to shareholders of record at the close of business on June 8, 2007.

2. 6% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES B: A quarterly dividend of 75 cents per share payable on June 30, 2007 to shareholders of record at the close of business on June 8, 2007.

3. 5% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES C: A quarterly dividend of 62.5 cents per share payable on June 30, 2007 to shareholders of record at the close of business on June 8, 2007.

4. CUMULATIVE REDEEMABLE CONVERTIBLE CLASS B PREFERENCE SHARES, SERIES 11: A quarterly dividend of 29.9375 cents per share payable on June 30, 2007 to shareholders of record at the close of business on May 31, 2007.

All dividends paid or deemed for Canadian federal, provincial or territorial income tax purposes to be paid on or after January 1, 2006 by Westcoast Energy Inc. and Union Gas Limited (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 Corporation. Spectra Energy Corp (NYSE:SE) is one of North America's premier pure play natural gas midstream 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, 250 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
    Sue Malcolm
    (403) 699 -1506 or (713) 627-4747 (24-hour media line)