Inter Pipeline Fund Acquires Corridor Pipeline from Kinder Morgan

On June 15, 2007, Inter Pipeline Fund completed the acquisition of Corridor Pipeline System from Terasen Pipelines Inc., a wholly owned subsidiary of Kinder Morgan, Inc. The transaction involved the purchase of all outstanding share capital of Terasen for approximately $760 million before closing adjustments. Funding for the acquisition was provided from Inter Pipeline's existing bank credit facilities and the assumption of approximately $460 million of existing debt held with Terasen.

Corridor is the sole transporter of diluted bitumen produced by the Athabasca Oil Sands Project, a major Alberta-based oil sands mining and upgrading project, which is a joint venture of Shell Canada Energy, Chevron Canada Limited and Western Oil Sands L.P.

Inter Pipeline Fund, which is now the largest oil sands gathering business in Canada, is a major petroleum transportation, storage and natural gas liquids extraction business based in Calgary. It owns and operates energy infrastructure assets in western Canada, the United Kingdom, Germany and Ireland.

Kinder Morgan, Inc. is a leading North American energy transportation, storage and distribution company. Kinder Morgan, Inc. owns the general partner interest of Kinder Morgan Energy Partners, L.P., one of the largest publicly traded pipeline limited partnerships in the United States. Combined, the two companies have an enterprise value of more than $35 billion.

Inter Pipeline Fund was represented in-house by Jim Arsenych, vice-president legal, and Anita Dusevic Oliva, legal counsel & corporate secretary, and by Burnet, Duckworth & Palmer LLP, with a team that included John Cuthbertson, John Taylor and Candice Jones (corporate); Alicia Quesnel (competition); John Wilmot (banking); Bill Maslechko (securities); and Richard Smith (employment).

Kinder Morgan Inc. was represented in-house by Adam Forman and Kristine Kennedy and by Blake, Cassels & Graydon LLP with a team that included Mungo Hardwicke-Brown and Selina Lee-Andersen (corporate, M&A); Edward Rowe and Ted Thiessen (tax); Dan Fournier and Catherine McKendry (finance and banking); Brock Gibson (securities); Craig Thorburn (competition and antitrusts); Brian Thiessen and Jessica Bullock (employment); Caroline Helbronner (pensions); and Paul Jeffrey (regulatory).

Shell Canada Energy was represented in-house by Bonnie Vogeli and by Bennett Jones LLP with a team that included Patrick Maguire, Tracy Hall and Phil Backman. Chevron Canada Limited was represented in-house by William Harvey.

Western Oil Sands L.P. was represented by Macleod Dixon LLP with a team that included John Fitzgerald and Rick Borden.


John H. Cuthbertson Tracy Hall Alicia K. Quesnel Patrick T. Maguire Edward C. Rowe Richard P. Borden Brock W. Gibson Brian J. Thiessen John D. Fitzgerald Ted Thiessen William S. Maslechko John K. Taylor Philip D. Backman Candice J. Jones Craig C. Thorburn Mungo Hardwicke-Brown Selina Lee-Andersen Richard B. Smith John A. Wilmot Caroline Helbronner Jessica Bullock