Killajoules

Plains All American Announces New Cactus Pipeline From McCamey to Gardendale, Texas
Plains All American Pipeline, L.P. (NYSE: PAA) today announced it is constructing the Cactus Pipeline, a new 310-mile, 20-inch crude oil pipeline from McCamey to Gardendale, Texas. The Cactus Pipeline is expected to be placed into service in the first quarter of 2015. The Partnership has entered into a letter of intent with a third party regarding a long-term commitment for a majority of the pipeline's capacity and is in discussions with several potential shippers for the remaining capacity. The total project investment is expected to range from $350 million to $375 million.

Shell accepts offer for working interest in Gulf of Mexico Holstein asset
Royal Dutch Shell plc announced today it has agreed to sell its 50% working interest in the Holstein Field, comprised of Green Canyon Blocks 644, 645 and 688 in the Gulf of Mexico, to Plains Exploration & Production (PXP) for approximately $560 million, subject to closing.

BP to Sell Non-Strategic US Gulf Of Mexico Assets to Plains Exploration and Production Company
BP today announced it has agreed to sell its interests in a number of oil and gas fields in the deepwater US Gulf of Mexico to Plains Exploration and Production Company (‘Plains’) for a total of $5.55 billion, as part of a previously-announced plan to divest the assets and position its Gulf portfolio for long-term growth.

Plains All American Announces New Mississippian Lime Pipeline
Plains All American Pipeline, L.P. (NYSE:PAA) today announced it plans to construct a new 170-mile pipeline to service the increasing Mississippian Lime crude oil production in northern Oklahoma and southern Kansas.

Plains All American Announces Conversion of Oklahoma LPG Pipeline to Crude Service
Plains All American Pipeline, L.P. (NYSE:PAA) today announced it is converting an existing Oklahoma liquefied petroleum gas (LPG) pipeline into crude oil service. The pipeline, which extends from Medford, Okla. to PAA's crude oil terminal facility in Cushing, Okla., will provide an initial crude oil throughput capacity of 12,000 barrels per day by January 2012 and will be expanded to 25,000 barrels per day by July 2012.

BP Agrees to Sell Canadian Natural Gas Liquids Business to Plains Midstream Canada
BP announced today that it has agreed to sell its Canadian natural gas liquids (NGL) business to Plains Midstream Canada ULC (Plains Midstream), a wholly-owned subsidiary of Plains All American Pipeline, L.P. (NYSE:PAA). Plains Midstream will pay BP a total of US$1.67 billion in cash, subject to customary adjustments, for the business.

Plains All American Pipeline Discloses Proposal to Acquire SemGroup Corporation for $24.00 per Share in Cash
Plains All American Pipeline, L.P. (NYSE:PAA) disclosed today that on October 6, 2011 it submitted a proposal to SemGroup Corporation (NYSE:SEMG) ("SemGroup") to acquire all of the outstanding shares of SemGroup for $24.00 per share in cash. The proposal was made orally and in a letter delivered to SemGroup's President and Chief Executive Officer Norman Szydlowski. PAA's proposal is subject to customary documentation and regulatory approvals, but is not subject to a financing contingency.

ERCB Issues Conditional Approval for the Resumption of Pipeline Operations to Plains Midstream Canada
Following a comprehensive review and assessment, and a third-party engineering review of the incident (see attached Background), the Energy Resources Conservation Board (ERCB) has provided conditional approval to Plains Midstream Canada (Plains) to resume operations of the NPS 20 Rainbow Pipeline following the failure on April 28, 2011.