El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Receives Final Regulatory Approval to Acquire Velvet Exploration
HOUSTON, TEXAS, July 26, 2001—El Paso Corporation
(NYSE:EPG) announced that on July 23, 2001, its wholly owned subsidiary, El Paso
Oil & Gas Canada Acquisition, Inc., received final regulatory approval under
the Investment Canada Act to acquire all issued and outstanding common shares of
Velvet Exploration Ltd. (TSE:VLV).
The Honourable Brian Tobin, Minister of Industry and Minister responsible for
Investment Canada, approved the transaction on the basis El Paso's investment is
likely to benefit the Canadian economy.
El Paso's C$8.15 per share cash offer for all outstanding common shares of
Velvet is scheduled to expire at 5:00 p.m. Mountain Daylight Time on July 31,
2001. Holders of Velvet shares are urged to read the offer documents containing
important information about El Paso and Velvet in the proposed transaction.
El Paso Corporation is committed to meeting energy needs throughout North
America and the world with operations that span the energy value chain from
wellhead to electron. The company is focused on speeding the development of new
energy sources to address critical energy shortages across the globe. Visit El Paso at www.elpaso.com.
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. While the company makes
these statements and projections in good faith, neither the company nor its
management can guarantee that the anticipated future results will be achieved.
Reference should be made to the company's (and its affiliates') Securities and
Exchange Commission filings for additional important factors that may affect