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Inter Pipeline Fund Announces Update on Purchase of 85% Interest in the Cactus Lake Pipeline System
CALGARY, ALBERTA, February 28, 2006: Inter Pipeline Fund (Inter Pipeline) (TSX: IPL.UN) announced today that its purchase of an 85% interest in the Cactus Lake Pipeline System from Nexen Marketing will likely not proceed as a result of the exercise of certain rights of first refusal by an existing owner of the pipeline system.
As previously announced on February 7, 2006, Inter Pipeline will continue to provide oil storage and condensate supply services for the shippers on the Cactus Lake System. Inter Pipeline will invest approximately $3.5 million to construct new metering and interconnection facilities at its Kerrobert terminal to provide these services. These investments are expected to generate average EBITDA of approximately $1.7 to $2.0 million per year over the next five years.
| Inter Pipeline
Fund |
Inter Pipeline is a major petroleum transportation, bulk liquid storage and natural gas liquids extraction business based in Calgary, Alberta, Canada. Structured as a publicly traded limited partnership, Inter Pipeline owns and operates energy infrastructure assets in western Canada, the United Kingdom, Germany and Ireland.
Inter Pipeline is a member of the S&P/TSX Composite Index. Class A Units trade on the Toronto Stock Exchange under the symbol IPL.UN. |
Eligible
Investors
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| Only persons who are residents of Canada, or if partnerships, are Canadian partnerships, in each case for purposes of the Income Tax Act (Canada) are entitled to purchase and own Class A Units and debentures of Inter Pipeline. |
Disclaimer
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Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements. Such information, although considered reasonable by the General Partner of Inter Pipeline at the time of preparation, may later prove to be incorrect and actual results may differ materially from those anticipated in the statements made. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions. Such risks and uncertainties include, but are not limited to, risks associated with operations, such as loss of markets, regulatory matters, environmental risks, industry competition and the ability to access sufficient capital from internal and external sources. You can find a discussion of those risks and uncertainties in Inter Pipeline’s securities filings at www.sedar.com. Except to the extent required by applicable securities laws and regulations, Inter Pipeline assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary note.
All dollar values are expressed in Canadian dollars unless otherwise noted. |
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