Gibson Energy ULC closes offering of First Lien Senior Secured Notes due 2014, repays...

Gibson Energy ULC closes offering of First Lien Senior Secured Notes due 2014,
repays U.S.$545 million of bridge loans

CALGARY, May 27 /PRNewswire/ - Gibson Energy ULC ("Gibson") today announced
that it has successfully completed its previously announced offering of
U.S.$560 million of 11.75% First Lien Senior Secured Notes due 2014 (the
"Notes"). The Notes were issued at 97.2706% of the aggregate principal amount
to yield 12.50%. Gibson used the net proceeds from the offering, together with
cash on hand, to repay in full its existing U.S.$545 million bridge loans, to
pay the accrued interest on the bridge loans and to pay the fees and expenses
in connection with the offering and the repayment of the bridge loans.
These Notes have not been registered under the Securities Act of 1933 or any
state securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer to sell, or the solicitation
of an offer to buy, the Notes, nor shall it constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale is
unlawful.

Gibson is one of the largest independent midstream energy companies in Canada
and is engaged in the transportation, storage, blending, processing, marketing
and distribution of crude oil, condensate, NGLs such as propane and butane,
refined products and natural gas. Through our extensive network of integrated
assets in western Canada and the northern United States, we move hydrocarbon
products to market utilizing our terminals, pipelines, tank storage and truck
transportation fleet, which, in concert with processing, blending and
marketing capabilities, provide valuable services to both producers and
consumers. To learn more about Gibson, visit www.gibsons.com.
SOURCE Gibson Energy ULC

Comments or questions can be directed to A.S. (Stew) Hanlon, President &
C.E.O., (403) 206-4210, shanlon@gibsons.com OR R. G. (Rick) Taylor, EVP
Finance & C.F.O., (403) 206-4009, rtaylor@gibsons.com; Issued by: Carrie
Willemsen, Communications Manager - (403) 206-4220, cwillemsen@gibsons.com