Equitable Resources Commences Request for Direction With Respect to Its Outstanding Long-Term Debt

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Equitable Resources Commences Request for Direction With Respect to Its Outstanding Long-Term Debt
    PITTSBURGH, Nov. 8 /PRNewswire-FirstCall/ -- Equitable Resources, Inc.
(NYSE: EQT) today announced that it has commenced a request for direction
to holders of notes under the indentures governing its long-term debt. The
request is being made in connection with Equitable's previously disclosed
plan to reorganize into a holding company structure.
    The proposed restructuring involves the replacement of Equitable
Resources, Inc. with a new, publicly-traded corporate parent, through a
share exchange transaction. Equitable believes that its debt will be
transferred to the new parent holding company under the successor
obligation provisions of the indentures and is asking that each holder
direct the applicable trustee to enter into a supplemental indenture
pursuant to which the new holding company will assume Equitable's long-term
debt and all obligations related thereto.
    The request for direction is being made with respect to the following
securities:
     - $200.0 million of 5.15% Notes Due March 1, 2018
     - $200.0 million of 5.15% Notes Due November 15, 2012
     - $150.0 million of 5.00% Notes Due October 1, 2015
     - $115.0 million of 7.75% Debentures Due July 15, 2026
     - $50.5 million of 8.48% to 9.00% Medium Term Notes Series A, due 2009
       thru 2021
     - $30.0 million of 7.30% to 7.55% Medium Term Notes Series B, due 2013
       thru 2023
     - $18.0 million of 6.78% to 7.60% Medium Term Notes Series C, due 2007
       thru 2018
    The information statements, which will be distributed to holders of
record as of the close of business on November 7, 2006, contain all
relevant terms and conditions. The request for direction will expire at
5:00 P.M., New York City Time, on November 21, 2006, unless extended for a
specified period of time or on a daily basis. If the desired letters of
direction are received and Equitable consummates the reorganization as
contemplated in the information statements, Equitable will pay to each
holder who has properly delivered and not revoked a letter of direction a
payment in the amount of $1.25 in cash for each $1,000 principal amount of
notes held by such holder.
    Equitable may alternatively effect the reorganization through the
transfer, or "drop-down," of the assets and liabilities of the business
conducted by Equitable Gas Company to a newly-formed subsidiary. If
Equitable decides to pursue this method of reorganization, no payments will
be made to the holders.
    Citigroup Corporate and Investment Banking will act as solicitation
agent. The information and tabulation agent will be Global Bondholder
Services Corporation. Document requests and inquiries should be directed to
Global Bondholder Services Corporation at 866-794-2200. Questions related
to the request for direction should be directed to Citigroup Liability
Management at 800-558-3745.
    Equitable Resources is an integrated energy company with emphasis on
Appalachian area natural gas supply, transmission and distribution. For
information, please visit http://www.eqt.com.
    Forward-Looking Statements
    Statements that relate to the plans of the Company to implement a
corporate restructuring are forward-looking. A variety of factors could
cause the Company's actual results to differ materially from the
anticipated results. The risks and uncertainties that may affect the
results of the Company's forward-looking statements include, but are not
limited to those set forth under Item 1A, "Risk Factors" of the Company's
Form 10-K for the year ended December 31, 2005.
SOURCE Equitable Resources, Inc.
http://www.eqt.com/
CONTACT:
Patrick Kane of Equitable Resources, Inc.,
+1-412-553-7833