Transaction to Take Spectra Energy Income Fund Private Completed

HOUSTON, May 1 /PRNewswire-FirstCall/ -- Spectra Energy (NYSE:SE) is pleased to announce today the completion of its previously announced transaction by which its wholly-owned subsidiary Westcoast Energy Inc would take Spectra Energy Income Fund (the "Fund") private for an aggregate cash purchase price of approximately CDN $274 Million.

(Logo: http://www.newscom.com/cgi-bin/prnh/20061030/CLM051LOGO )

Each holder of units of the Fund will receive CDN $11.25 per unit, payable in cash. The Fund anticipates that the units of the Fund will be de-listed from the Toronto Stock Exchange on or about May 6, 2008 following which the Fund will cease to be a reporting issuer under applicable Canadian securities legislation.

Spectra Energy Corp (NYSE:SE) is one of North America's premier natural gas infrastructure 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 18,000 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.

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 our intentions, plans, expectations, assumptions and beliefs about future events. This release includes forward-looking statements concerning the outcome of pending transactions and the impact from such transactions on our results of operations. Such statements are subject to risks, uncertainties and other factors, many of which are outside our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements, including the timing and receipt of required unitholder and regulatory approvals. Other factors that could affect our forward-looking statements are described in our Form 10-K, filed with the Securities and Exchange Commission, and other filings that we make 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.

First Call Analyst:
FCMN Contact:

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20061030/CLM051LOGO
PRN Photo Desk, photodesk@prnewswire.com
Source: Spectra Energy

CONTACT: Media, Molly Boyd, +1-713-627-5923, +1-713-627-4747 24-hour
media line, or Investors, John Arensdorf, +1-713-627-4600

Web site: http://www.spectraenergy.com/

2008-05-01 18:04:31 0351076 PRNEWSWIRE