HOUSTON, Feb. 22 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP) announced today that it has closed on the previously announced sale of ANR Pipeline Company, its Michigan storage assets, and its 50-percent interest in Great Lakes Gas Transmission to TransCanada Corporation and TC PipeLines, LP for $4.135 billion. The sale includes the assumption of $744 million of debt as of December 31, 2006, $269 million of which has been retired.

"We are very pleased with the timely closing of this important transaction," said Doug Foshee, president and chief executive officer of El Paso Corporation. "This sale restores our financial flexibility and improves our credit statistics to a level that is at or near investment grade, while maintaining the company's earnings outlook."

El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. El Paso 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, 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, El Paso's ability to implement and achieve the company's objectives, including achieving debt-reduction, earnings and cash flow targets; ability to realize anticipated synergies and cost savings associated with divestitures on a timely basis; 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
02/22/2007

CONTACT: investor and public relations, Bill Baerg, Manager, +1-713-420-2906, or media relations, Richard Wheatley, Manager, +1-713-420-6828, both of El Paso Corporation

9816 02/22/2007 11:49 EST http://www.prnewswire.com