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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[X] Soliciting Material Pursuant to Rule 14a-12
EL PASO CORPORATION
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(Name of Registrant as Specified in its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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pursuant to Exchange Act Rule 0-11 (set forth the amount on which
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[ ] Fee paid previously with preliminary materials:
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Exchange Act Rule 0-11(a)(2) and identify the filing for which
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EL PASO CORPORATION ANNOUNCES SALE OF INTEREST IN ENERPLUS GLOBAL ENERGY
MANAGEMENT COMPANY
HOUSTON, TEXAS, MARCH 6, 2003-- El Paso Corporation (NYSE:EP) announced
today that it agreed to sell all of the outstanding shares in Enerplus
Global Energy Management Company to Enerplus Resources Fund (NYSE:ERF,
TSX:ERF.UN) 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, pipelines, midstream services, and power. El Paso
Corporation, rich in assets and fully integrated across the natural gas
value chain, is committed to developing new supplies and technologies to
deliver energy. For more information, visit www.elpaso.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. El Paso Corporation has made every reasonable effort to
ensure that the information and assumptions on which these statements and
projections are based are current, reasonable, and complete. However, a
variety of factors could cause actual results to differ materially from the
projections, anticipated results or other expectations expressed in this
release, including, without limitation, the successful implementation of
the Balance Sheet Enhancement Program and the Strategic Repositioning Plan;
the successful implementation of the 2003 operational and financial plan;
the ability to successfully close financing transactions; the successful
completion of the plan to exit non-core businesses; the actions by the
credit rating agencies; the accounting and financial consequences of the
plan to exit non-core businesses; changes in commodity prices for oil,
natural gas, and power; the uncertainties associated with governmental
regulation; regulatory proceedings, appeals from regulatory proceedings,
and any related litigation, including those related to the pending FERC
proceeding; inability to realize anticipated synergies and cost savings
associated with restructurings on a timely basis; competition; and other
factors described in the company's (and its affiliates') Securities and
Exchange Commission filings. While the company makes these statements and
projections in good faith, neither the company nor its management can
guarantee that anticipated future results will be achieved. Reference
should be made to those filings for additional important factors that may
affect actual results. The company assumes no obligation to publicly update
or revise any forward-looking statements made herein or any other
forward-looking statements made by the company, whether as a result of new
information, future events, or otherwise.
ADDITIONAL IMPORTANT INFORMATION
Prior to its 2003 annual meeting, El Paso will furnish to its shareholders
El Paso's definitive proxy statement relating to this meeting, together
with a WHITE proxy card. Shareholders are strongly advised to read this
proxy statement when it becomes available, as it will contain important
information.Shareholders will be able to obtain El Paso's proxy statement,
any amendments or supplements to the proxy statement and any other
documents filed by El Paso with the Securities and Exchange Commission for
free at the Internet website maintained by the Securities and Exchange
Commission at www.sec.gov. Copies of the proxy statement and any amendments
and supplements to the proxy statement will also be available for free at
El Paso's Internet Web site at www.elpaso.com or by writing to El Paso
Corporation, Investor Relations, PO Box 2511, Houston, TX 77252. In
addition, copies of the proxy materials may be requested by contacting our
proxy solicitor, MacKenzie Partners, Inc. at (800) 322-2885 Toll-Free or by
email at proxy@mackenziepartners.com. To the extent that individual
customers, independent industry researchers, financial analysts, or El Paso
commissioned research, are quoted herein, it is El Paso's policy to use
reasonable efforts to verify the source and accuracy of the quote. El Paso
has not, however, sought or obtained the consent of the quoted source to
the use of such quote as proxy soliciting material. This document may
contain expressions of opinion and belief. Except as otherwise expressly
attributed to another individual or entity, these opinions and beliefs are
the opinions and beliefs of El Paso.
Information regarding the names, affiliation and interests of individuals
who may be deemed participants in the solicitation of proxies of El Paso's
shareholders is contained in a Schedule 14A filed by El Paso with the
Securities and Exchange Commission on February 18, 2003.
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CONTACTS
Communications and Government Affairs
Norma F. Dunn, Senior Vice President
Office: (713) 420-3750
Fax: (713) 420-3632
Investor Relations
Bruce L. Connery, Vice President
Office: (713) 420-5855
Fax: (713) 420-4417
Alternate Contacts
Joele Frank/Dan Katcher
Joele Frank, Wilkinson Brimmer Katcher
Office: (212) 355-4449
Fax: (212) 355-4554