HOUSTON, June 14, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- El Paso Exploration & Production Company (EPEP), a wholly owned subsidiary of El Paso Corporation (NYSE: EP), announced today that it has determined the consideration to be paid in connection with its pending cash tender offer to purchase any and all of its outstanding 7-3/4 percent Senior Notes due 2013 (CUSIP No. 283703AB2). The tender offer and the related consent solicitation are subject to the terms and conditions set forth in EPEP's Offer to Purchase and Consent Solicitation Statement dated May 29, 2007 (the Statement).

Holders who validly tendered (and did not validly withdraw) notes in the tender offer and validly delivered (and did not validly revoke) their corresponding consents in the consent solicitation at or prior to 5 p.m., New York City time, on June 11, 2007, will receive $1,056.59 per $1,000 principal amount of notes tendered, which is referred to in the Statement as the "Total Consideration," plus any accrued and unpaid interest from the last interest payment date for the notes to, but not including, the initial settlement date, which EPEP expects will occur on June 19, 2007.

Holders who validly tender notes in the tender offer after 5 p.m., New York City time, on June 11, 2007, and at or prior to 12 midnight, New York City time, on June 26, 2007, will receive the Total Consideration set forth above minus the consent payment of $20.00 per $1,000 principal amount, which is referred to in the Statement as the "Purchase Price," plus any accrued and unpaid interest from the last interest payment date for the notes to, but not including, the final settlement date, which EPEP expects will occur on June 27, 2007.

The consideration to be paid in connection with the tender offer was determined by Citi and Deutsche Bank Securities Inc., the dealer managers for the tender offer, as of 2:00 p.m., New York City time, on June 13, 2007, as set forth in the Statement.

EPEP has retained Citi and Deutsche Bank Securities Inc. to serve as dealer managers for the tender offer and solicitation agents for the consent solicitation and has retained Global Bondholder Services Corporation to serve as the depositary and information agent for the tender offer.

Requests for documents may be directed to Global Bondholder Services Corporation by telephone at (866) 294-2200 or (212) 430-3774 or in writing at 65 Broadway-Suite 723, New York, NY 10006. Questions regarding the tender offer may be directed to Citi at (800) 558-3745 or (212) 723-6106 or Deutsche Bank Securities Inc. at (866) 627-0391 or (212) 250-2955.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes or any other securities. The tender offer is made only by and pursuant to the terms of the Statement and the related letter of transmittal and consent. None of EPEP, the dealer managers, the solicitation agents or the depositary and information agent makes any recommendations as to whether holders should tender their notes pursuant to the tender offer. Holders must make their own decisions as to whether to tender notes and, if so, the principal amount of notes to tender.

EPEP is a Delaware corporation incorporated in 1999, and a wholly owned subsidiary of El Paso Corporation. Its primary business is the exploration for and the acquisition, development, and production of natural gas, oil, and natural gas liquids in the United States, Brazil, and Egypt.

El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. El Paso Corporation owns North America's largest natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit http://www.elpaso.com.

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based on assumptions that EPEP believes to be reasonable. However, actual results almost always vary from assumed facts and the differences can be material, depending upon the circumstances. As a result, you should not place undue reliance on such forward-looking statements. The words "believe," "expect," "estimate," "anticipate" and similar expressions will generally identify forward-looking statements. All of EPEP's forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. In addition, EPEP disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

With this in mind, you should consider the risks discussed in the Statement together with the risks discussed under the caption "Risk Factors" in EPEP's Annual and Quarterly Reports on Forms 10-K and 10-Q and in the other documents EPEP files with the SEC from time to time, which could cause actual results to differ materially from those expressed in any forward-looking statement made by EPEP or on EPEP's behalf.

SOURCE El Paso Corporation

Investor and Public Relations, Bruce Connery, Vice President, +1-713-420-5855, Fax, +1-713-420-4417, or Media Relations, Bill J. Baerg, Manager, +1-713-420-2906, Fax, +1-713-420-4417, both for El Paso Corporation

http://www.elpaso.com