PTP Petrichor Energy Inc

Pacific Northern Gas Ltd. (TSX:PNG)(TSX:PNG.PR.A) - 

EOG Resources Inc. announced that its Canadian subsidiary EOG Resources Canada
Inc. ("EOG") has agreed to acquire the shares of Galveston LNG Inc. Through this
acquisition, EOG will secure a 24.5 percent partnership interest in Pacific
Trail Pipelines Limited Partnership ("PTP") and a 49 percent interest in the
Kitimat LNG Inc. planned liquefied natural gas ("LNG") export terminal in
British Columbia ("Terminal"). PTP is developing the $1.2 billion Kitimat to
Summit Lake Pipeline Looping Project ("KSL Project") to transport natural gas
supply to the Terminal. In January this year Apache Canada Ltd. agreed to
acquire 51 percent of the Terminal and a 25.5 percent interest in PTP. Pacific
Northern Gas Ltd. holds the remaining 50 percent interest in PTP. With EOG's
investment, the Terminal and the KSL Project are fully sponsored by two large
independent oil and gas companies. 


"We are very pleased to have EOG become a key part of the LNG export project and
to join the PTP partnership," said Roy Dyce, President and CEO of PNG. "Our
focus is on completing commercial arrangements with EOG and Apache followed by
the filing of an application for a Certificate of Public Convenience and
Necessity with the British Columbia Utilities Commission in 2010." 


The KSL Project has successfully completed both the federal and provincial
government environmental assessment processes and has created an innovative
arrangement to partner with the First Nations along the pipeline route. In April
2009 the Province of British Columbia announced an agreement with 15 First
Nations located along the pipeline route to assist them in securing a direct
ownership interest in PTP.


Subject to a number of conditions, construction of the KSL Project by PTP is
planned to commence in 2012 for completion in 2014 when the LNG export terminal
is planned to begin operation. Conditions to construction include the securing
of contracts for use of PTP's transportation capacity, financing for
construction of the KSL Project, and additional regulatory approvals for the KSL
Project, such as a Certificate of Public Convenience and Necessity from the
British Columbia Utilities Commission and other permits from the B.C. Oil and
Gas Commission. PTP has not signed any agreements with respect to utilization of
its planned gas transportation capacity and can give no assurances that this or
other conditions will be satisfied or that construction of the KSL Project by
PTP will proceed.


This press release contains forward-looking statements relating to the
development and construction of the Terminal and the KSL Project. All
forward-looking statements are based on management's beliefs and assumptions
based on information available at the time the assumption was made and on its
experience and perception of historical trends, current conditions and expected
further developments as well as other factors deemed appropriate in the
circumstances. Management of PNG believe the expectations reflected in such
statements are reasonable but no assurance is given that such expectations will
be correct as forward-looking information is subject to various risks and
uncertainties that are known and unknown, including those material risks
discussed in PNG's MD&A and in its 2010 annual information form.


The EOG Resources and Apache Corporation announcements noted above are posted at
www.eogresources.com and www.apachecorp.com, respectively as well as at
www.kitimatlng.com. 


Headquartered in Vancouver, British Columbia, PNG (TSX:PNG)(TSX:PNG.PR.A) owns
and operates natural gas transmission and distribution systems. The Company's
western transmission line extends from the Spectra Energy gas transmission
system north of Prince George to tidewater at Kitimat and Prince Rupert, and
provides service to 12 communities and a number of industrial facilities. In the
northeast, PNG's subsidiary Pacific Northern Gas (N.E.) Ltd. provides gas
distribution service in the Dawson Creek, Fort St. John and Tumbler Ridge areas.
Further information is available on the Company's website at: www.png.ca.

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