Dominion Announces Consideration Amounts For Its Debt Tender Offer

July 9, 2007

RICHMOND, Va. – Dominion Resources, Inc. (NYSE:D) announced today the applicable tender offer considerations for its previously announced debt tender offer. The company has offered to purchase up to $2.5 billion of its debt securities specified in the table below. The terms and conditions of the tender offer are described in detail in the Offer to Purchase dated June 13, 2007, and the related Letter of Transmittal, which were mailed to the holders of the notes.

 

CUSIP Number

  Issuer

Title of Security

Reference U.S. Treasury Security

Total Tender Offer Consideration (per $1,000)

Late Tender Offer Consideration (per $1,000)

209615BR3

CNG

6.625% Notes due 2008

4.625% due 11/2008

$1,016.71

   $996.71 

25746UAA7

Dominion

8.125% Notes due 2010

4.50% due 5/2010

 $1,073.37

 $1,053.37

209615BV4

CNG

6.85% Notes due 2011

4.75% due 5/2012

 $1,045.16

 $1,025.16

209615BN2

CNG

6.625% Notes due 2013

4.50% due 5/2017

 $1,054.81

 $1,034.81

257469AC0

Dominion

7.195% Notes due 2014

4.50% due 5/2017

 $1,084.42

 $1,064.42

209615BQ5

CNG

6.875% Notes due 2026

4.50% due 2/2036

 $1,074.91

 $1,039.91

25746NAA3

Dominion Resources Capital Trust III

8.4% Capital Securities due 2031

4.50% due 2/2036

 $1,209.07

 $1,174.07

257469AG1

Dominion

6.75% Notes due 2032

4.50% due 2/2036

 $1,058.97

 $1,023.97

209615BS1

CNG

6.8% Notes due 2027

4.50% due 2/2036

 $1,068.66

 $1,033.66

25746UAJ8

Dominion

6.25% Notes due 2012

4.75% due 5/2012

 $1,032.19

 $1,012.19

The tender offer considerations for each series of notes are based on the applicable reference U.S. Treasury security yield, which was determined today at 2 p.m., New York City time, by the lead dealer managers, plus a fixed spread as set forth in the Offer to Purchase.  Holders of notes subject to the tender offer who validly tendered, and did not validly withdraw their tender, on or before the early tender date, which was 5:00 p.m., New York City time, on June 26, 2007, are eligible to receive the applicable total tender offer consideration if such tendered notes are accepted for purchase.  Holders of notes subject to the tender offer who validly tender their notes after the early tender date and on or before the expiration date, and do not validly withdraw their tender, and whose notes are accepted for purchase will receive the applicable late tender offer consideration.  The tender offer will expire at 12 midnight, New York City time, on July 11, 2007.

Barclays Capital Inc., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are lead dealer managers for the tender offer. Credit Suisse Securities (USA), LLC and Deutsche Bank Securities are co-dealer managers. The information agent and depositary for the tender offer is Global Bondholders Services Corporation.

The tender offer is made only by the Offer to Purchase and the related Letter of Transmittal, and the information in this news release is qualified by reference to such documents. Persons with questions regarding the tender offer should contact Barclays Capital Inc. at (212) 412-4072 (collect) or (866) 307-8991 (toll-free), Citigroup Global Markets Inc. at (212) 723-6106 (collect) or (800) 558-3745 (toll-free) and Merrill Lynch, Pierce, Fenner & Smith Incorporated at (212) 499-4914 (collect) or (888) 654-8637 (toll-free). Requests for copies of the Offer to Purchase and Letter of Transmittal should be directed to Global Bondholders Services Corporation at (212) 430-3774 or (866) 470-4200 (toll-free).

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