Williams Closes Joint-Venture Agreement to Enter Marcellus Shale

* Reuters is not responsible for the content in this press release.

Mon Jun 1, 2009 4:15pm EDT 

TULSA, Okla., June 1 /PRNewswire-FirstCall/ -- Williams (NYSE: WMB) announced
today it has closed the joint-venture agreement with Atlas Pipeline Partners
L.P. (NYSE: APL) that provides the company entry into the Marcellus Shale.

The new midstream joint venture, Laurel Mountain Midstream LLC, owns 1,800
miles of intrastate natural gas gathering lines in the Appalachian Basin
servicing 6,900 wells.  

Williams contributed $100 million and issued a $25.5 million note payable to
Laurel Mountain in exchange for a 51-percent ownership interest in the joint
venture.  Williams is also operating the gathering system. 

The previously announced Williams contribution of $102 million was reduced by
$2 million in closing adjustments.  This amount may change slightly due to
further post-closing adjustments.

The Federal Trade Commission granted early termination of the
Hart-Scott-Rodino waiting period on April 24.

Citi acted as exclusive financial advisor to Williams in connection with this
transaction.

About Williams (NYSE: WMB)
Williams, through its subsidiaries, finds, produces, gathers, processes and
transports natural gas.  Williams' operations are concentrated in the Pacific
Northwest, Rocky Mountains, Gulf Coast, and Eastern Seaboard.  More
information is available at http://www.williams.com.  Go to
http://www.b2i.us/irpass.asp?BzID=630&to=ea&s=0 to join our e-mail list.

    Contact:      Jeff Pounds
                  Williams (media relations)
                  (918) 573-3332

                  Richard George
                  Williams (investor relations)
                  (918) 573-3679


Portions of this document may constitute "forward-looking statements" as
defined by federal law.  Although the company believes any such statements are
based on reasonable assumptions, there is no assurance that actual outcomes
will not be materially different.  Any such statements are made in reliance on
the "safe harbor" protections provided under the Private Securities Reform Act
of 1995.  Additional information about issues that could lead to material
changes in performance is contained in the company's annual reports filed with
the Securities and Exchange Commission.



SOURCE  Williams

media, Jeff Pounds, +1-918-573-3332, or investors, Richard George,
+1-918-573-3679, both of Williams
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.