El Paso E&P Prices Tender Offer

El Paso Exploration & Production Company (EPEP), a wholly owned subsidiary of El Paso Corporation has determined the consideration to be paid in connection with its pending cash tender offer to purchase any and all of its outstanding 7-3/4 percent Senior Notes due 2013. The tender offer and the related consent solicitation are subject to the terms and conditions set forth in EPEP's Offer to Purchase and Consent Solicitation Statement dated May 29, 2007.

Holders who validly tendered (and did not validly withdraw) notes in the tender offer and validly delivered (and did not validly revoke) their corresponding consents in the consent solicitation at or prior to 5 p.m., New York City time, on June 11, 2007, will receive $1,056.59 per $1,000 principal amount of notes tendered, which is referred to in the Statement as the "Total Consideration," plus any accrued and unpaid interest from the last interest payment date for the notes to, but not including, the initial settlement date, which EPEP expects will occur on June 19, 2007.

Holders who validly tender notes in the tender offer after 5 p.m., New York City time, on June 11, 2007, and at or prior to 12 midnight, New York City time, on June 26, 2007, will receive the Total Consideration set forth above minus the consent payment of $20.00 per $1,000 principal amount, which is referred to in the Statement as the "Purchase Price," plus any accrued and unpaid interest from the last interest payment date for the notes to, but not including, the final settlement date, which EPEP expects will occur on June 27, 2007.

The consideration to be paid in connection with the tender offer was determined by Citi and Deutsche Bank Securities Inc., the dealer managers for the tender offer, as of 2:00 p.m., New York City time, on June 13, 2007, as set forth in the Statement.

EPEP has retained Citi and Deutsche Bank Securities Inc. to serve as dealer managers for the tender offer and solicitation agents for the consent solicitation and has retained Global Bondholder Services Corporation to serve as the depositary and information agent for the tender offer.

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