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El Paso Corporation Announces Sale of Interest in Enerplus Global Energy Management Company.

Publication: PR Newswire
Publication Date: 07-MAR-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
El Paso Corporation announced today that it agreed to sell all of the outstanding shares in Enerplus Global Energy Management Company to Enerplus Resources Fund for approximately US$32 million, subject to customary adjustments. Enerplus is Canada's oldest and largest public conventional oil and gas income fund.

This sale supports El Paso's previously announced 2003 five-point business plan, which includes exiting non-core businesses quickly but prudently, and strengthening and simplifying the balance sheet while maximizing liquidity. The transaction is subject to Enerplus Resources Fund unitholder approval and is expected to close in the second quarter 2003.

El Paso Corporation is the leading provider of natural gas services and the largest pipeline company in North America. The company has core businesses in production,...

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