TransCanada Advances Pathfinder Pipeline Project With the Acquisition of Bison Pipeline LLC
CALGARY, ALBERTA--(Marketwire - Sept. 3, 2008) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced it has acquired Bison Pipeline LLC from Northern Border Pipeline Company. The assets of Bison Pipeline LLC include executed precedent agreements as well as regulatory, environmental and engineering work completed to date on the Bison Pipeline Project (Bison). Bison is a proposed 289-mile (465-kilometre) pipeline from the Powder River Basin in Wyoming to the Northern Border Pipeline system in Morton County, North Dakota. TransCanada is also developing the Pathfinder Pipeline Project, a 625-mile (1,006-kilometre), interstate natural gas pipeline that would extend from Meeker, Colorado to Morton County, North Dakota where it would interconnect with the Northern Border Pipeline system.
With this acquisition, TransCanada will provide shippers on the proposed Bison Pipeline the opportunity to transport their production on the larger Pathfinder Project. Pathfinder has received significant shipping commitments that are subject to certain conditions and TransCanada is currently working with Pathfinder shippers to satisfy these conditions. If these conditions cannot be met in a timely manner, then TransCanada, as part of the purchase arrangement with Northern Border, has agreed, subject to certain conditions, that it will proceed with the smaller Bison Project.
"The work completed to date on the Bison Project complements the significant advances we have made on our Pathfinder Pipeline Project," says Hal Kvisle, president and chief executive officer of TransCanada. "This acquisition ensures that, either via Pathfinder or Bison, TransCanada will provide transportation services for U.S. Rockies producers who are interested in moving their growing natural gas production to U.S. Midwest markets."
Additional information on the Pathfinder Project is available by contacting Todd Johnson at 403.920.2070 or Tony Spagnolo at 403.920.7862, and at www.transcanada.com/pathfinder.
With more than 50 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas pipelines, power generation, gas storage facilities, and projects related to oil pipelines and LNG facilities. TransCanada's network of wholly owned pipelines extends more than 59,000 kilometres (36,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 355 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 10,900 megawatts of power generation in Canada and the United States. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP.
Note: All financial figures are in Canadian dollars unless noted otherwise.
This news release may contain certain information that is forward looking and is subject to important risks and uncertainties. The words "anticipate", "expect", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward looking information. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. Factors which could cause actual results or events to differ materially from current expectations include, among other things, the ability of TransCanada to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Company's pipeline and energy assets, the availability and price of energy commodities, regulatory processes and decisions, changes in environmental and other laws and regulations, competitive factors in the pipeline and energy industry sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments and the current economic conditions in North America. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause TransCanada's actual results and experience to differ materially from the anticipated results or expectations expressed. Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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