El Paso Receives Bank Waivers

El Paso Corporation (NYSE: EP) has received additional waivers on its $3-billion revolving credit facility and certain other financings. These waivers provide El Paso with an extension until August 15, 2004 to file its 2003 Form 10-K and first quarter 2004 Form 10-Q. The waivers provide for a 29-day grace period to file financial statements in the event that El Paso or any of its significant subsidiaries receives a notice of default on any debt or guarantee of debt that in aggregate exceeds $100 million.

El Paso Corporation provides natural gas and related energy products in a safe, efficient, dependable manner. The company owns North America's largest natural gas pipeline system and one of North America's largest independent natural gas producers.