HOUSTON, TX, Feb 10, 2009 (MARKET WIRE via COMTEX) -- El Paso Corporation (NYSE: EP) announced today that its Egyptian subsidiary, El Paso Egypt Exploration & Production Company, and RWE Dea AG (RWE Dea) have executed an agreement to exchange interests in adjoining onshore concessions in Egypt. The assignments have been approved by Egyptian authorities. Prior to the exchange, El Paso held a 100 percent interest in the South Mariut Block in the Western Desert area and RWE Dea held a 100 percent interest in the Tanta Block in the Nile Delta transition area. Under the agreement, each company has assigned a 40 percent interest in its respective block to the other. A map of the two concessions can be viewed at www.elpaso.com/SouthMariutMap.pdf.

"El Paso now has a larger footprint in a highly prospective onshore exploration area," said Brent Smolik, president of El Paso Exploration & Production Company. "We look forward to working with RWE Dea, which brings significant experience and talent to our joint exploration effort."

El Paso now holds an acreage position totaling 2.04 million gross acres, or 1.05 million net acres, of strategic exploration properties in Egypt, focused in the Western Desert and Nile Delta provinces.

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 www.elpaso.com.

Cautionary Statement Regarding Forward-Looking Statements

This release includes certain forward-looking statements and projections. 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, where operations of the company and its affiliates are located, including the risks associated with the exploration, development and production of natural gas and oil, the risk of a global recession and 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.

Editor's Note:

El Paso was awarded the South Mariut Concession Agreement in April 2007 and since that time has engaged in exploration prospecting activities, including the acquisition of more than 800 square kilometers of 3-D seismic in 2008. The initial exploration period is three years with a five-well program. The first well spudded in late January 2009. The Tanta Concession Agreement was signed by RWE Dea with the Egyptian government in 2007.

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