Mr. Don Althoff reports

VERESEN ANNOUNCES SALE OF POWER BUSINESS FOR $1.18 BILLION

Veresen Inc. has entered into a suite of separate agreements to sell its power generation business for $1.18-billion.

"The sale of our power business is an important milestone in the delivery of our long-term business strategy, and we are very pleased with the outcome," commented Don Althoff, president and chief executive officer of Veresen. "The $1.4-billion of contracted capital projects in our core natural gas and NGL (natural gas liquids) infrastructure business is now fully funded with no need to access the capital markets, ensuring that top-line growth translates into per-share metrics. Additionally, the divestiture strengthens our balance sheet, further underpinning our dividend and providing greater flexibility to fund the incremental growth projects we expect to secure over the next 12 to 18 months."

Veresen has maximized the value of its power business by selling the assets in three separate packages. Following are certain key metrics and aggregate implied transaction multiples for Veresen's power generation business:

Transaction value:  $1.18-billion

Estimated project-level financing (Dec. 31, 2016):  $402-million

Estimated full-year 2016 EBITDA (earnings before interest, taxes, depreciation and amortization):  $92-million

Implied EBITDA multiple:  12.8 times

Each of the agreements is subject to closing adjustments and conditions customary in transactions of this nature. Closing is expected to occur during the second quarter of 2017 subject to the receipt of all necessary approvals. Veresen anticipates the minimal amount of cash taxes arising from the sale of the power business will be recovered in the following year. The company expects to update its 2017 guidance for the divestiture of the power business upon the closing of the sale process. TD Securities Inc. acted as the company's sole financial adviser on this divestiture.

About Veresen Inc.

Veresen is engaged in three principal businesses: a pipeline transportation business comprising interests in the Alliance pipeline, the Ruby pipeline and the Alberta ethane gathering system; a mid-stream business which includes a partnership interest in Veresen Midstream Limited Partnership (which owns assets in Western Canada) and an ownership interest in Aux Sable (which owns a world-class natural gas liquids (NGL) extraction facility near Chicago and other natural gas and NGL processing infrastructure); and a power business comprising a portfolio of assets in Canada. Veresen is also working to advance Jordan Cove LNG, a six-million-tonne-per-year natural gas liquefaction facility proposed to be constructed in Coos Bay, Ore., and the associated Pacific Connector gas pipeline.

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