Chitwood & Harley, LLP Charges El Paso Corporation With Securities Fraud in First Filed Class Action Complaint Relating to Reserve Reduction and $1 B Charge.

Business Editors

ATLANTA--(BUSINESS WIRE)--Feb. 19, 2004

Suit Brought on Behalf of Investors of El Paso Corp. (NYSE: EP)

Securities from March 31, 2003 Through February 17, 2004

Chitwood & Harley, LLP announces that it filed a lawsuit seeking class action status against El Paso Corporation, Ronald Kuehn, Jr., Douglas Forshee and D. Dwight Scott. The class action lawsuit (Civ. Action No. H-04-0635) is pending in the United States District Court for the Southern District of Texas before Judge John Rainey. The lawsuit was filed on behalf of all persons who purchased or otherwise acquired the securities of El Paso Corporation, (NYSE:EP), between March 30, 2003 through and including February 17, 2004, inclusive (the "Class Period"). A copy of the complaint is available on our website, www.classlaw.com by clicking on "El Paso."

If you purchased or otherwise acquired the securities of El Paso between March 30, 2003 and February 17, 2004 and have been damaged thereby, you may request that the Court appoint you as lead plaintiff no later than April 19, 2004. Any member of the purported class may move the Court to serve as lead plaintiff in this action through counsel of his or her choice, or may remain an absent class member. There are certain legal requirements to serve as lead plaintiff, which we would be happy to discuss with you. You may contact us through our website, www.classlaw.com, or contact Lauren S. Antonino, Esq. or Nichole T. Browning, Esq. at [e-mail] or at the address or phone numbers provided below.

The complaint asserts violations of the Securities Exchange Act of 1934 and violations of various GAAP and industry rules. Specifically, the complaint charges defendants with issuing materially false and misleading statements regarding El Paso's financial results and reported reserves. As a result of Defendants' conduct, the complaint alleges, El Paso was able to inflate its stock price, maintain its credit rating, and maintain its status in the energy industry as a leader.

On February 17, 2004, El Paso announced that the Company had cut its proven natural gas reserves estimate by approximately 41 percent and would take a $1 billion pretax charge in the fourth quarter of 2003. In response to the Company's devastating news, El Paso's stock price plummeted by approximately 18 % to close at $7.26 on unusually heavy trading volume of 57 million shares on February 18, 2004. The magnitude of the writedown of the reserves shocked the market and, quoting one analyst, "suggests to us that prior management had significantly overstated the productive capacity of the company's gas reserves." Another analyst is quoted as alleging that El Paso had "prematurely booked" certain reserves before securing necessary permission to develop the assets.

If you wish to discuss this action, or have any questions concerning this notice, or your rights with respect to this matter, please contact Lauren Antonino at 1-888-873-3999, ext. 6888 (toll-free) or by e-mail at [e-mail] or by contacting Nichole Browning at 1-888-873-3999, ext. 4873. Chitwood & Harley LLP's address is 1230 Peachtree Street, Suite 2300, Atlanta, GA 30309