New Jersey Resources Announces 3-for-2 Stock Split and Increases Quarterly Dividend

Wed Jan 23, 2008 7:00am EST

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Annual meeting to highlight solid financial performance and
                       environmental commitment
WALL, N.J.--(Business Wire)--The board of directors of New Jersey Resources (NJR) announced
today that it has approved a three-for-two stock split and a 5 percent
increase to the regular quarterly dividend for the company's common
stock shareowners. The announcement will be made during NJR's 57th
Annual Shareowners Meeting being held today at Georgian Court
University in Lakewood.

   "We are pleased to reward shareowners for our performance and
their continued confidence in our company," said Laurence M. Downes,
chairman and CEO of NJR. "Fiscal 2008 results to date reflect
continued growth and reinforce our commitment to delivering consistent
results year after year."

   Shareowners of record at the close of business on February 8, 2008
will receive one additional share of NJR stock for every two shares of
common stock owned as of that date. The new shares resulting from the
split will be distributed following the close of business on March 3,
2008. NJR will commence trading at its split-adjusted price on March
4, 2008. As a result of the stock split, the number of shares
outstanding will increase to approximately 42 million. This is the
third common stock split in the company's 25 years of trading on the
New York Stock Exchange.

   The quarterly dividend will increase for the second time this year
from its current level of $.40 to $.42, on a pre-split basis. The
resulting new quarterly rate of $0.28, on a post-split basis, will be
payable on April 3, 2008, to shareowners of record on March 14, 2008.
NJR has increased its dividend in each of the past 13 years and has
paid quarterly dividends continuously since its inception in 1952.

   In other business, shareowners will be voting to approve the
nomination of Nina Aversano, Jane M. Kenny, and David A. Trice, each
for 3-year terms, to the NJR board of directors. Additionally, the
ratification of the selection of Deloitte & Touche, LLP as the
company's independent registered public accounting firm for the fiscal
year ending September 30, 2008 will be considered by shareowners.

   In addition to the company's financial highlights, the annual
meeting will focus on various aspects of NJR's environmental
initiative, Conserve to Preserve(R). This includes the purchase of a
renewable energy credit to offset emissions from the energy that will
be used during today's event. The credit will be provided by Sterling
Planet, which provides renewable energy to offset emissions for all of
NJR's emissions through the Board of Public Utilities' CleanPower
Choice Program.

   To promote the use of renewable energy and conservation, New
Jersey Natural Gas (NJNG), NJR's largest subsidiary, sponsored the
"Kids in Conservation" poster contest. The winners, students from
within the utility's service territory, will be announced at the
annual meeting. Onyeka Anyanso of Canfield Avenue School in Mine Hill,
Madeline Malanga of Lloyd Road School in Aberdeen and Grace Springer
of Ocean Road School in Point Pleasant will all be awarded laptops and
earn a $1,000 contribution towards an energy conservation, tree
planting or environmental beautification project at their schools.

   Forward-Looking Statements

   This news release contains estimates, earnings guidance and other
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. NJR cautions readers that
the assumptions forming the basis for forward-looking statements
include many factors that are beyond NJR's ability to control or
estimate precisely, such as estimates of future market conditions and
the behavior of other market participants. Other factors that could
cause actual results, including gross margin, earnings and customer
growth, to differ materially from the company's expectations include,
but are not limited to, weather, economic conditions and demographic
changes in NJNG's service territory, rate of customer growth,
volatility of natural gas commodity prices and its impact on customer
usage, and NJRES operations, the impact of the company's risk
management efforts, including commercial and wholesale credit risks,
the company's ability to obtain governmental approvals, property
rights and/or financing for the construction, development and
operation of its non-regulated energy investments, risks associated
with the management of the company's joint ventures and partnerships,
the impact of regulation (including the regulation of rates),
fluctuations in energy-related commodity prices, customer conversions,
other marketing efforts, actual energy usage patterns of NJNG's
customers, the pace of deregulation of retail gas markets, access to
adequate supplies of natural gas, the regulatory and pricing policies
of federal and state regulatory agencies, changes due to legislation
at the federal and state level, an adequate number of appropriate
counterparties, sufficient liquidity in the energy trading market and
continued access to the capital markets, the disallowance of recovery
of environmental-related expenditures and other regulatory changes,
environmental and other litigation and other uncertainties. More
detailed information about these factors is set forth in NJR's filings
with the Securities and Exchange Commission (SEC). NJR's SEC documents
are available at NJR does not, by including this
paragraph, assume any obligation to review or revise any particular
forward-looking statement referenced herein in light of future events.

   New Jersey Resources (NYSE:NJR), a Fortune 1000 company and a
member of the Forbes Platinum 400, provides reliable retail and
wholesale energy services to customers in New Jersey and in states
from the Gulf Coast to New England, and Canada. Its principal
subsidiary, New Jersey Natural Gas, is one of the fastest-growing
local distribution companies in the United States, serving more than
478,000 customers in central and northern New Jersey. Other major

   NJR subsidiaries include NJR Energy Services and NJR Home
Services. NJR Energy Services provides customer service and management
of natural gas storage and capacity assets in the energy services
market. NJR Home Services offers retail customers heating, air
conditioning and appliance services. NJR's progress is a tribute to
the more than 5,000 dedicated employees who have shared their
expertise and focus on quality through more than 50 years of serving
customers and the community to make NJR a leader in the competitive
energy marketplace. For more information, visit NJR's Web site at

New Jersey Resources
Michael Kinney, 732-938-1031
Dennis Puma, 732-938-1229

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