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WESTERN GAS RESOURCES AND PANHANDLE EASTERN PIPE LINE ANNOUNCE FORMATION OF GENERAL PARTNERSHIP

 DENVER, April 1 /PRNewswire/ -- Western Gas Resources, Inc. (NYSE: WGR) and Panhandle Eastern Pipe Line Co. (PEPL), a subsidiary of Panhandle Eastern Corp. (PEC) (NYSE: PEL), announced today the signing of a letter of intent to form a general partnership through a subsidiary of PEC and Western that will provide gathering, processing and marketing of natural gas and natural gas liquids to producers connected to the partnership's system. The companies plan to enter into definitive agreements shortly after completing meetings with PEPL's customers.
 Under the agreement, the companies each will contribute certain pipeline and gas processing facilities located in the Anadarko Basin in Oklahoma. Each company will have a 50 percent ownership interest in the partnership, and Western will be the principal operator of the combined assets.
 Through the formation of the general partnership, the companies will form a strategic alliance which expects to increase gas throughput by lowering gathering pressures and to provide additional gathering, processing and marketing services to producers in an area that offers significant future potential for growth.
 Western owns and operates natural gas gathering and processing facilities and markets and transports natural gas and natural gas liquids (NGLs). The company is actively pursuing new investment opportunities through both acquisitions and new construction to expand its area of operations and related markets toward its goal of increasing stockholder value.
 Panhandle Eastern Corp. operates one of the nation's largest interstate natural gas pipeline systems, providing natural gas to the Midwest and Northeast markets.
 -0- 4/1/93
 /CONTACT: Ronald O. Wirth (investor) of Western Gas Resources, 800-933-5603; or John P. Barnett (media), 713-627-4072 or Brad Porlier, (investor), 713-627-4600 or 800-347-3636, both of Panhandle Eastern Corp./
 (WGR PEL)


CO: Western Gas Resources Inc.; Panhandle Eastern Pipe Line Co.
 Panhandle Eastern Corp. ST: Colorado, Oklahoma IN: OIL SU:


MC -- DV001 -- 1820 04/01/93 07:30 EST
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Publication:PR Newswire
Date:Apr 1, 1993
Words:308
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