New Deepwater Port Application Received

Woodside Natural Gas, Inc. (Woodside) filed its application with the United States Coast Guard and the Maritime Administration on August 18, 2006 for a license under the Deepwater Port Act, to build, own and operate a Liquefied Natural Gas (LNG) facility in California.

Woodside’s proposed OceanWay facility will be located approximately 22 miles southwest of Los Angeles, California and will convert the liquefied gas to natural gas utilizing a ship to ship (STS) transfer for injection into Southern California’s existing onshore pipeline system. The process will use ambient air as the method of regasification and will not use either open loop vaporization or closed loop vaporization. The STS transfer of LNG does not require the construction of an offshore platform. The connection to the pipeline system will take place offshore via submerged buoys located 100 feet below the water surface. The maximum send-out capacity for the OceanWay project is anticipated to be 1.2 billion cubic feet of natural gas per day.