Dominion Sells Natural Gas Assets in British Columbia

January 18, 2005

RICHMOND, Va – Dominion (NYSE: D) today announced it has completed the sale of the majority of its natural gas and oil assets in British Columbia. The sale consisted of five separate transactions with total proceeds of C$584 million (US$476 million).

"This is a timely sale because values for Canadian natural gas and oil assets are strong," said Thos. E. Capps, chairman and chief executive officer. "We'll use the proceeds to re-pay debt."

The properties sold produce approximately 30 billion cubic feet net of natural gas annually. The sale assets are primarily those acquired in the 1999 purchase of Remington Energy Ltd.

Dominion is one of the nation's largest producers of energy, with an energy portfolio of about 28,340 megawatts of generation, about 6 trillion cubic feet equivalent of proved natural gas reserves and 7,900 miles of natural gas transmission pipeline. Dominion also operates the nation's largest underground natural gas storage system with more than 960 billion cubic feet of storage capacity and serves retail energy customers in eight states. For more information about Dominion, visit the company's Web site at www.dom.com.

 

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