HOUSTON, Aug 31, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- El Paso Corporation (NYSE: EP) announced today that its wholly owned subsidiary, El Paso Pipeline Partners, L.P., filed a registration statement with the Securities and Exchange Commission relating to its proposed initial public offering of common units.

Application will be made to list the common units, which represent limited partner interests in El Paso Pipeline Partners, on the New York Stock Exchange under the symbol "EPB".

El Paso Pipeline Partners will own and operate natural gas transportation pipelines and storage assets consisting of Wyoming Interstate Company, Ltd., a wholly-owned interstate pipeline transportation business primarily located in Wyoming and Colorado, and 10 percent interests in two interstate pipeline transportation businesses: Colorado Interstate Gas Company, located in the U.S. Rocky Mountains, and Southern Natural Gas Company, located in the southeastern United States. Combined, these three interstate pipeline businesses consist of more than 12,300 miles of pipeline and associated storage facilities with aggregate underground working natural gas storage capacity of 89 billion cubic feet.

El Paso Pipeline Partners anticipates offering 25,000,000 common units in the initial public offering, representing a 32.2 percent limited partner interest. Following this offering, El Paso Corporation will own the 2 percent general partner interest, all of the incentive distribution rights, a 65.8 percent limited partner interest in El Paso Pipeline Partners as well as the remaining 90 percent interest in each of Colorado Interstate Gas Company and Southern Natural Gas Company.

At or prior to the closing of the offering, Southern Natural Gas Company will transfer to El Paso Corporation its equity investment in Citrus Corp. and its wholly-owned subsidiaries Southern LNG Inc. and Elba Express Company, LLC. These assets will not become part of El Paso Pipeline Partners.

The underwriters are expected to be granted a 30-day option to purchase up to 3,750,000 additional common units if they sell more than 25,000,000 common units in the offering. El Paso Corporation's limited partner interest would be reduced to 60.9 percent if the underwriters exercise their option to purchase additional common units in full.

Lehman Brothers, Citi, Goldman, Sachs & Co. and UBS Investment Bank will act as joint book-running managers of the offering. El Paso Pipeline Partners' proposed offering of common units will be made only by means of a prospectus. A copy of the preliminary prospectus relating to this offering may be obtained, when available, from the offices of Lehman Brothers Inc., c/o Broadridge Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, NY 11717; by e-mail at Qiana.Smith@Broadridge.com; or by fax at (631) 254-7140.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This communication does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

El Paso Corporation provides natural gas and related energy products in a safe, efficient, dependable manner. The company 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 includes forward-looking statements and projections about El Paso Corporation, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. El Paso Corporation has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, due to the fact that our business plans may change as circumstances warrant, securities of El Paso Pipeline Partners, L.P. may not ultimately be offered, we may not be able to raise the planned amount of capital even if the offering of securities is completed, the planned assets of El Paso Pipeline Partners, L.P. may materially change and we may not be able to complete the proposed actions on the timetable indicated. No assurance can be given as to the value of El Paso Pipeline Partners, L.P., the price at which its securities may trade, or whether a liquid market for its securities will develop or be maintained. In addition, the El Paso Corporation and El Paso Pipeline Partners, L.P. will be subject to the other risk factors described in the El Paso Corporation's (and its affiliates') Securities and Exchange Commission filings. While El Paso Corporation makes these statements and projections in good faith, neither El Paso Corporation nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. El Paso Corporation assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by El Paso Corporation, whether as a result of new information, future events, or otherwise.

SOURCE El Paso Corporation

http://www.elpaso.com