PAA Announces Public Offering of Senior Notes

Plains All American Pipeline, L.P. PAA today announced that it has commenced, subject to market conditions, an underwritten public offering of two series of senior notes (the “Notes”). The Partnership intends to use the net proceeds of the offering to fund a portion of the consideration for the acquisition of all outstanding shares of BP Canada Energy Company, a wholly owned subsidiary of BP Corporation North America Inc. (the “BP NGL Acquisition”). Pending the application of the net proceeds to fund the BP NGL Acquisition, the Partnership intends to use the net proceeds for general partnership purposes. If the BP NGL Acquisition is not consummated for any reason, the Partnership may use the net proceeds for general partnership purposes, including future acquisitions and capital program expenditures. Alternatively, if the BP NGL Acquisition is not closed on or prior to June 1, 2012 or the acquisition agreement relating thereto is terminated on an earlier date, the Partnership will have the right to redeem either or both series of Notes, and the Partnership may use all or part of the net proceeds, together with any additional funds the Partnership may provide, as necessary, to fund such redemption.