El Paso Corp. announces sale of various midstream assets and energy management company

HOUSTON, April 24, 2003 — El Paso Corp. announced that it executed an agreement to sell various Mid-Continent and Northern Louisiana midstream assets to Regency Gas Services LLC, an investment of Charlesbank Capital Partners, LLC, which is a private equity and real estate investment firm with more than $2 billion of capital under management.

The transaction, which is subject to customary closing conditions, is valued at approximately $120 million and is expected to close by the end of the second quarter 2003.

El Paso also announced that on April 23 it closed the transaction on the sale of its interests in Enerplus Global Energy Management Company to Enerplus Resources Fund for $35 million.

These sales support El Paso’s previously announced 2003 five-point business plan, which includes exiting non-core businesses quickly but prudently, and strengthening and simplifying the balance sheet while maximizing liquidity. El Paso now has either closed or has under contract non-core asset sales totaling approximately $2.3 billion for 2003, or approximately 67 percent of its asset sales goal of $3.4 billion for calendar year 2003.

El Paso Corporation is the leading provider of natural gas services and the largest pipeline company in North America. The company has core businesses in pipelines, production, midstream services, and power. El Paso Corporation, rich in assets and fully integrated across the natural gas value chain, is committed to developing new supplies and technologies to deliver energy. For more information, visit www.elpaso.com .
Additional Important Information

On April 9, 2003, El Paso Corporation filed a preliminary proxy statement relating to its 2003 annual meeting with the Securities and Exchange Commission. Prior to the annual meeting, El Paso will furnish a definitive proxy statement to its shareholders, together with a WHITE proxy card. Shareholders are strongly advised to read El Paso’s proxy statement as it contains important information.

Shareholders may obtain a copy of El Paso’s preliminary proxy statement, any amendments or supplements to the proxy statement and any other documents filed by El Paso with the Securities and Exchange Commission for free at the Internet Web site maintained by the Securities and Exchange Commission at www.sec.gov . Copies of the preliminary proxy statement and any amendments and supplements are available for free at El Paso’s Internet Web site at www.elpaso.com or by writing to El Paso Corporation, Investor Relations, P.O. Box 2511, Houston, TX 77252. In addition, copies of El Paso’s proxy materials may be requested by contacting El Paso’s proxy solicitor, MacKenzie Partners, Inc. at (800) 322-2885 Toll-Free or by email at proxy@mackenziepartners.com .

To the extent that individual customers, independent industry researchers, financial analysts, or El Paso commissioned research, are quoted in this document, it is El Paso’s policy to use reasonable efforts to verify the source and accuracy of the quote. El Paso has not, however, sought or obtained the consent of the quoted source to the use of such quote as proxy soliciting material. This document may contain expressions of opinion and belief. Except as otherwise expressly attributed to another individual or entity, these opinions and beliefs are the opinions and beliefs of El Paso.

Information regarding the names, affiliation and interests of individuals who may be deemed participants in the solicitation of proxies of El Paso’s shareholders is contained in El Paso’s preliminary proxy statement.

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