BankBoston Continues to Strengthen Its Energy & Utilities Division - Funds more than $1 billion through three transactions -.

BOSTON--(BUSINESS WIRE)--July 28, 1999--

BankBoston (NYSE:BKB) today announced that it funded three major transactions in the energy industry, totaling more than $1 billion: Transmontaigne Inc.; Prize Energy Corp.; and Plains Scurlock Permian, L.P.

"Each of these companies has done an excellent job expanding its businesses in a difficult marketplace," said Thomas O'Leary, division executive of BankBoston's Energy & Utilities division. "These credit facilities will provide Transmontaigne, Prize Energy and Plains Scurlock Permian with the necessary financing to make substantial asset acquisitions."

Transmontaigne Inc.

BankBoston provided Transmontaigne a $400 million revolving credit facility and a $200 million term loan. Based in Denver, Colo., Transmontaigne is an independent provider of logistical petroleum product services to the energy industry.

The company serves refiners, manufacturers, transporters, suppliers, distributors, marketers and end-users of refined petroleum products, crude oil, chemicals and other bulk liquids in the mid/downstream sector of the petroleum and chemical industry.

BancBoston Robertson Stephens Inc., the investment banking subsidiary of BankBoston Corporation, acted as the lead arranger and book manager for this financing. Funds will be used for the acquisition of the Hess Southeastern Pipeline Network from Amerada Hess Corporation, repayment of corporate indebtedness and general corporate purposes.

Prize Energy Corp.

BankBoston entered into a $250 million senior credit agreement and $13 million senior subordinate term credit agreement with Prize Energy Corp., a Dallas, Texas-based independent oil and gas acquisition and exploitation company.

BancBoston Robertson Stephens Inc. acted as the lead arranger and book manager for this financing. Prize Energy will use the funding to acquire oil and gas properties from Pioneer Natural Resources USA.

Plains Scurlock Permian, L.P.

BankBoston provided Plains Scurlock Permian a $35 million revolving credit facility and a $130 million term loan. BancBoston Robertson Stephens Inc. acted as the lead arranger and book manager for this financing. Plains Scurlock Permian's crude oil gathering, marketing, and transportation operations include pipeline, truck, barge and terminal activities in 15 states.

The company is a wholly-owned operating limited partnership of Plains All American Pipeline LP. Funds will be used for the acquisition of Scurlock Permian LLC and certain pipeline assets from Marathon Ashland Petroleum LLC, and the West Texas Pipeline System from Chevron Pipe Line Company, Inc.

"The partnerships these tailored financing packages create, furthers the growth of our Energy and Utilities division, which is an essential area of BankBoston's specialized industry business," said Mary-Etta Schneider, executive vice president and head of Leveraged Finance.

BankBoston is a leading bank in the global energy sector and a specialized lender to electric power, gas, petroleum distribution, independent petroleum refining, exploration and production, and oil and gas gathering companies since the early 1900's.

With industry specialists in Boston, Sao Paulo and Buenos Aires, BankBoston delivers senior financing and equity capital, and in conjunction with BancBoston Robertson Stephens, advisory services for mergers, acquisitions, capital raising, asset sales and strategic partnering.

BankBoston (NYSE:BKB), with assets of $75.7 billion and some 25,000 employees, is the nation's oldest commercial bank. BankBoston is engaged in consumer and business banking in New England; delivering sophisticated financial solutions to corporations and governments nationally and internationally; and full-service banking in leading Latin American markets.

The Corporation's common stock is listed on the New York and Boston stock exchanges.