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Denali Concludes U.S. and Canadian Open Seasons

Denali - The Alaska Gas Pipeline concluded its open seasons today for the U.S. and Canadian portions of the Denali Project. Both open seasons were conducted for 90 days.

"After two years of work, more than 700,000 man-hours and more than $150 million of private investment, I can report that Denali has received bids for significant capacity from potential shippers," said Bud Fackrell, Denali President. "As expected, the bids include conditions, some of which are outside of Denali's control. We will carefully evaluate these bids and their conditions and continue confidential negotiations with potential shippers in an effort to reach binding agreements," said Fackrell.

"Denali is a market-based project, and our next steps will be determined by the commitments our customers are willing to make," said Fackrell. "Based on what potential shippers have publicly stated in the past, we expect their evaluations to focus on the competitiveness of Alaska North Slope gas, including factors such as gas markets, growth in North American shale gas supplies, the Alaska fiscal framework and the status of Point Thomson leases."

The Denali Project consists of a gas treatment plant (GTP) on the Alaska North Slope, transmission lines from the Prudhoe Bay and Point Thomson fields to the GTP, an Alaska Mainline that will run from the North Slope of Alaska to the Alaska-Yukon border, and a Canada Mainline that will transport gas from the Alaska- Yukon border to Alberta. Also included will be delivery points along the route to help meet local natural gas demand in Alaska and Canada. Denali's cost estimate for the GTP and the Pipelines is approximately $35 billion dollars (U.S.).

The Alaska Gas Pipeline is owned by subsidiaries of BP and ConocoPhillips.

For additional information, contact Dave MacDowell, Director Media and Communications, Denali - The Alaska Gas Pipeline, at 907-865-4735 or visit Denali's website at www.denalipipeline.com. Denali's open season plan can also be found on the FERC website, www.ferc.gov Docket PF08-26-000.

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