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El Paso Corp. to sell interest in Enerplus Global Energy Management Co.

HOUSTON, March 7, 2003 — El Paso Corp. announced that it agreed to sell all of the outstanding shares in Enerplus Global Energy Management Co. to Enerplus Resources Fund for about US$32 million, subject to customary adjustments. Enerplus is Canada’s oldest and largest public conventional oil and gas income fund.

This sale supports El Paso’s previously announced 2003 five-point business plan, which includes exiting non-core businesses quickly but prudently, and strengthening and simplifying the balance sheet while maximizing liquidity. The transaction is subject to Enerplus Resources Fund unitholder approval and is expected to close in the second quarter 2003.

El Paso Corp. is a provider of natural gas services and the largest pipeline company in North America. The company has core businesses in production, pipelines, midstream services, and power.

El Paso Corp., rich in assets and fully integrated across the natural gas value chain, is committed to developing new supplies and technologies to deliver energy. For more information, visit www.elpaso.com .