RUBY PIPELINE, L.L.C. RELEASES DISCLOSURE INFORMATION

HOUSTON, March 15, 2022 /PRNewswire/ -- On March 1, 2022, Ruby Pipeline, L.L.C. ("Ruby") executed confidentiality agreements (the "Confidentiality Agreements") with members of an ad hoc group (the "Ad Hoc Group") of holders of over 70% of the 6.0% notes due 2022 issued by Ruby. The Confidentiality Agreements facilitated discussions among certain affiliates of Ruby (such affiliates, the "Company Parties") and the Ad Hoc Group concerning a potential restructuring of Ruby's capital structure (a "Transaction").

Pursuant to the Confidentiality Agreements, Ruby agreed that, upon the occurrence of certain events or after a specified period, it would disclose publicly the information set forth in the following paragraph (the "Disclosure Information"). The Disclosure Information included in this press release is being furnished to satisfy Ruby's public disclosure obligations under the Confidentiality Agreements.

Negotiations among the Company Parties and their representatives, on the one hand, and the Ad Hoc Group and its representatives, on the other hand, concerning a Transaction have taken place. During those negotiations, the Company Parties, the Ad Hoc Group and their respective representatives exchanged proposals for Transactions on a confidential basis. Such proposals are not acceptable to the necessary parties, and negotiations among principals are not continuing at this time.

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Media Contact

David Conover
Media Relations
713-369-9407
[email protected]

SOURCE Ruby Pipeline, L.L.C.