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Steckman Ridge LP Holding Open Season for New Natural Gas Storage Serving Northeast, Mid-Atlantic

May 21, 2007

HOUSTON – Steckman Ridge, LP is holding an open season for customers seeking multi-turn natural gas storage services in the growing Northeast and Mid-Atlantic markets.

Steckman Ridge, owned equally by subsidiaries of Spectra Energy and New Jersey Resources, is proposing to develop and operate a natural gas storage facility with working capacity up to 12 billion cubic feet.  

Strategically located in Bedford, Pa., Steckman Ridge will become an integral part of the energy future of the Northeast and Mid-Atlantic regions. The project will offer these markets the ability to manage price volatility, supply security, diversity, and reliability during peak winter and summer months.

“Natural gas storage is continuing to play an important role in responding to the changing dynamics of supply and demand in the Northeast and Mid-Atlantic states,” said Mark Fiedorek, vice president, Steckman Ridge, LP. “Given its capacity and location, we expect Steckman Ridge to play a key role in the growing portfolios of a number of local distribution companies (LDCs), energy merchants, Liquefied Natural Gas (LNG) suppliers and marketers in the region.”

Steckman Ridge is accepting non-binding nominations for long term storage service through June 22 at 5 p.m.  For more information on the open season, contact Jim Ferguson at 713-627-4964 or 1-877-379-0338.

Steckman Ridge has applied to the Federal Energy Regulatory Commission to initiate the Pre-Filing Process to encourage and facilitate early participation by all parties interested in the project.  The FERC application is planned for November 2007 with the project expected to be in service by April 2009.

Spectra Energy Corp (NYSE: SE) is one of North America’s premier pure play natural gas midstream companies serving three key links in the natural gas value chain:  gathering and processing, transmission and storage and distribution. For close to a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related energy infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 17,500 miles of transmission pipeline, 265 billion cubic feet of storage, natural gas gathering and processing, natural gas liquids operations and local distribution assets. Spectra Energy Corp also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Visit www.spectraenergy.com for more information.

New Jersey Resources (NYSE:NJR), a Fortune 1000 company and a member of the Forbes Platinum 400, provides reliable retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada. Its principal subsidiary, New Jersey Natural Gas, is one of the fastest-growing local distribution companies in the United States, serving more than 476,000 customers in central and northern New Jersey. Other major NJR subsidiaries include NJR Energy Services and NJR Home Services. NJR Energy Services is a leader in the unregulated energy services market, providing customer service and management of natural gas storage and capacity assets. NJR Home Services offers retail customers heating, air conditioning and appliance services. NJR’s progress is a tribute to the more than 5,000 dedicated employees who have shared their expertise and focus on quality through more than 50 years of serving customers and the community to make NJR a leader in the competitive energy marketplace. For more information, visit NJR’s Web site at njliving.com.

Forward-Looking Statements

This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent Spectra Energy’s and New Jersey Resources’ intentions, plans, expectations, assumptions and beliefs about future events. This release includes forward-looking statements concerning future capital developments, including the anticipated timing of planned capital expansions and anticipated storage capacity resulting from such expansions. Such statements are subject to risks, uncertainties and other factors, many of which are outside the control of Spectra Energy and New Jersey Resources and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Those factors include: the timing and success of efforts to develop infrastructure projects; the timing and receipt of required regulatory approvals; the timing and receipt of sufficient capacity commitments for the described project; fluctuations in the demand for natural gas in the markets serviced by the described project; and geological uncertainties and limitations in the described natural gas field. These factors, as well as additional factors that could affect such forward-looking statements, are described in Spectra Energy’s and New Jersey Resources’ filings with the SEC, which are available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.