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PANHANDLE EASTERN PIPE LINE COMPANY AND GRI PLAN HORIZONTAL STORAGE WELL PROJECT

 HOUSTON, Dec. 10 /PRNewswire/ --Panhandle Eastern Pipe Line Company, with co-funding from Gas Research Institute (GRI), will drill a horizontal storage well at Panhandle Eastern's Howell, Mich., natural gas storage facility.
 The new horizontal well is scheduled to be drilled in the fall of 1994. Panhandle Eastern and GRI will share the estimated $1 million project costs and GRI will share technical results with other GRI members. Panhandle Eastern plans to file for Federal Energy Regulatory Commission approval of the project before year's end. The company is also seeking state and city drilling permits.
 "We anticipate that the horizontal well technology will enable Panhandle Eastern to economically enhance our storage capability," said Paul Anderson, president. "We are pleased that GRI has determined this project can further validate the value of horizontal drilling to improve gas storage capacity and deliverability."
 Although the oil industry has successfully used horizontal drilling for more than a decade, the gas industry has only recently begun evaluating the technology for gas storage applications.
 The current maximum working capacity at the Howell facility is about 15.6 billion cubic feet of natural gas. Panhandle Eastern anticipates the proposed horizontal well will increase the facility's available working capacity by about 800 million cubic feet. The horizontal well will also enable Panhandle Eastern to maintain maximum deliverability for a longer period of time during the winter by increasing the late-season withdrawal capability of an equivalent vertical well by more than five-fold. The company anticipates that successful results from the proposed well could lead to further development of the Howell field.
 Gas Research Institute, headquartered in Chicago, is a not-for-profit research and development organization that works on behalf of the natural gas industry and its customers. GRI funds R&D in gas-fueled equipment, gas exploration and production and gas industry operations.
 Panhandle Eastern Pipe Line Company is a subsidiary of Panhandle Eastern Corporation (NYSE: PEL), America's natural gas transportation company, which operates one of the nation's largest interstate natural gas pipeline systems, providing natural gas transportation and related services to the Midwest and Northeast markets.
 -0- 12/10/93
 /CONTACT: Danny P. Gibbs, Media Relations, 713-627-5011, or Brad Porlier, Investor Relations, 713-627-4600, or 800-347-3636, both of Panhandle Eastern Pipe Line Company/
 (PEL)


CO: Panhandle Eastern Pipe Line Company; Gas Research Institute ST: Texas, Illinois, Michigan IN: OIL SU:

PS -- NY048 -- 2641 12/10/93 12:41 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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