TransCanada Acquires Crossfield Gas Storage Facility and CrossAlta Marketing Company

Tue Nov 20, 2012 4:47pm EST

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TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) announced
today that it has entered into an agreement to acquire BP's 40 per cent
interest in the assets of the Crossfield Gas Storage facility. In
addition, TransCanada will acquire BP's interest in CrossAlta Gas Storage
& Services Ltd., an affiliated marketing joint venture between the two

    This $210 million transaction will give TransCanada 100 per cent
ownership in the facility located in Crossfield, Alberta, about 50
kilometres north of the City of Calgary. This acquisition adds an
additional 27 billion cubic feet of natural gas storage capacity to
TransCanada's existing portfolio in Alberta. TransCanada has operated the
Crossfield Gas Storage facility since 2011. 

    "The addition of the Crossfield Gas Storage facility into our existing
portfolio will increase our ability to offer unique services to our
customers in Alberta, and provide another organic growth platform for our
storage business," said Russ Girling, president and chief executive
officer, TransCanada. "This latest energy infrastructure acquisition
enhances TransCanada's ability to reliably deliver an essential balancing
service to the gas markets in western Canada." 

    As part of the transaction, TransCanada will acquire BP's base gas in the
facility, all of BP's mineral interests in the Crossfield area including
BP's ownership interest in the Elkton production unit and related surface
land. BP will maintain a transactional relationship with TransCanada as a
storage customer going forward. 

    Closing of the transaction is subject to certain conditions being
satisfied and is expected to occur by the first quarter of 2013.

    With more than 60 years' experience, TransCanada is a leader in the
responsible development and reliable operation of North American energy
infrastructure including natural gas and oil pipelines, power generation
and gas storage facilities. TransCanada operates a network of natural gas
pipelines that extends more than 68,500 kilometres (42,500 miles),
tapping into virtually all major gas supply basins in North America.
TransCanada is one of the continent's largest providers of gas storage
and related services with approximately 380 billion cubic feet of storage
capacity. A growing independent power producer, TransCanada owns or has
interests in over 10,900 megawatts of power generation in Canada and the
United States. TransCanada is developing one of North America's largest
oil delivery systems. TransCanada's common shares trade on the Toronto
and New York stock exchanges under the symbol TRP. For more information
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    This publication contains certain information that is forward-looking and
is subject to important risks and uncertainties (such statements are
usually accompanied by words such as "anticipate", "expect", "would" or
other similar words). Forward-looking statements in this document are
intended to provide TransCanada security holders and potential investors
with information regarding TransCanada and its subsidiaries, including
management's assessment of TransCanada's and its subsidiaries' future
financial and operation plans and outlook. All forward-looking statements
reflect TransCanada's beliefs and assumptions based on information
available at the time the statements were made. Readers are cautioned not
to place undue reliance on this forward-looking information. TransCanada
undertakes no obligation to update or revise any forward-looking
information except as required by law. For additional information on the
assumptions made, and the risks and uncertainties which could cause
actual results to differ from the anticipated results, refer to
TransCanada's Management's Discussion and Analysis filed February 15,
2012 under TransCanada's profile on SEDAR at and
other reports filed by TransCanada with Canadian securities regulators
and with the U.S. Securities and Exchange Commission.

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