El Paso expands 2007 hedge program

“Our expanded hedge program provides support on approximately 210 billion cubic feet (Bcf) of 2007 domestic natural gas production with an average floor price of $7.64 per million British thermal unit (MMBtu),” said Doug Foshee, El Paso’s president and CEO. “Importantly, 121 Bcf of the hedged volumes have an average capped price of $11.80/MMBtu, while the remainder of our 2007 production will retain unlimited upside. The risk management steps that we have taken, along with high expectations