OilVoice - PAA to Form Master Limited Partnership Engaged in Natural Gas Storage Business

PAA to Form Master Limited Partnership Engaged in Natural Gas Storage Business

Saturday, January 16, 2010

Plains All American Pipeline, L.P. (PAA) announces that it intends to pursue an initial public offering of common units representing limited partner interests of PAA Natural Gas Storage, L.P. ("PNGS"), a master limited partnership (MLP) subsidiary to be formed by PAA to own and operate its natural gas storage assets and business. PAA currently expects that a registration statement for the initial public offering of common units will be filed during the first quarter of 2010.

PAA will own the 2% general partner interest and incentive distribution rights of PNGS and expects to retain a substantial portion of the MLP's common and subordinated units. PAA anticipates using the proceeds of the IPO to repay debt and for general partnership purposes.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer, solicitations of offers to buy, or any sales of securities will only be made in accordance with the registration requirements of the Securities Act of 1933 or an exemption therefrom. This announcement is being issued pursuant to and in accordance with Rule 135 under the Securities Act of 1933.

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