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On August 1, 2008, the Alaska Legislature voted to give TransCanada an exclusive gas pipeline license under the Alaska Gasline Inducement Act (AGIA). The granting of the AGIA license will not affect the Denali work program, and as long as the State ensures a level playing field, should not affect Denali's steady march toward its first major milestone, an open season by the end of 2010. Denali is continuing to move forward. Half of our Leadership Team is now in place, and there will be additional Leadership Team appointments in the coming days. Our new Anchorage Headquarters location will be announced shortly, and our 2008 summer field work is coming to a peak, with over 80 Alaskans working along the pipeline corridor. We've got the right technical and financial resources, we've got the Alaskan and Canadian experience, and we've got the right team to deliver. The granting of an AGIA license does not change those facts nor our focus.
Bud Fackrell
President
Denali - The Alaska Gas Pipeline LLC
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