HOUSTON, Nov. 5 /PRNewswire-FirstCall/ -- El Paso Exploration & Production Company, a wholly owned subsidiary of El Paso Corporation (NYSE: EP) announced today that it has drilled two successful exploratory wells in the Camamu Basin, offshore Brazil. The wells extended the southern limits of its Pinauna project.

The original Pinauna Field tested oil in three exploratory wells in the 1980s. The company previously estimated the total resource of the original field to be approximately 37 million barrels of oil equivalent (MMBOE). Currently, 12 MMBOE from this field are included in the company's proved reserves.

As a result of information from the current discoveries, the company estimates the total resource of the Pinauna Field to be up to approximately 90 MMBOE. El Paso plans to refine its estimates of the total resource following commencement of production. El Paso currently has a 100 percent working interest in this project, and is in the process of marketing up to a 50 percent non-operating interest.

"The results of these exploration wells add significant resource and production potential for El Paso," said Brent Smolik, president of El Paso Exploration and Production Company. "This is an exciting project, and these results demonstrate our ability to conduct successful exploration activities in Brazil, as well as the scale of opportunities that we are pursuing."

El Paso drilled the Cacau-1 well (1-ELPS-17 DA) to a total depth of 2,889 meters. A seven meter section of the upper Jurassic Sergi formation was cored, and the well has been confirmed as an oil discovery. The Acai well (1-ELPS-17 DA) was drilled to a total depth of 2,915 meters, and tested gas and condensate from the top 70 meters of a potential 136 meter hydrocarbon interval. El Paso is currently evaluating the test results and assessing development options.

El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. El Paso owns North America's largest interstate 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, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company 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, changes in reserve estimates based upon internal and third party reserve analyses; our ability to meet production volume targets in our Exploration and Production segment; changes in commodity prices and basis differentials for oil, natural gas, and power; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis or at all; general economic and weather conditions in geographic regions or markets served by the company and its affiliates, or where operations of the company and its affiliates are located; the uncertainties associated with governmental regulation; political and currency risks associated with international operations of the company and its affiliates; competition; and other factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company 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. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.

SOURCE El Paso Corporation
11/05/2007

CONTACT: Bruce Connery, Vice President, +1-713-420-5855, or Bill Baerg, Manager, +1-713-420-2906, both of El Paso Corporation

3582 11/05/2007 15:17 EST http://www.prnewswire.com