Vulcan Capital Commits $40 Million to Plains All American Pipeline to Fund the Acquisition of Link Energy LLC's Crude Oil Busine

Vulcan Capital Commits $40 Million to Plains All American
Pipeline to Fund the Acquisition of Link Energy LLC's Crude Oil Business 


SEATTLE, March 31  /PRNewswire/ -- Vulcan Capital announced today that it has
committed $40 millionto Plains All American Pipeline, L.P.  as part of a $100
million private placement to help fund the acquisition of the North American
crude oil and pipeline operations of Link Energy LLC  (BULLETIN BOARD: LNKE) .
This investment represents a first stepin the execution of Vulcan Capital's
investment strategy in the Midstream Energy sector. The financing was jointly
led by Vulcan Capital, the investment group of Paul G. Allen's Vulcan Inc., and
Kayne Anderson Capital Advisors.

"We believe that the management team at Plains All American is among the
premiere management teams in the midstream sector, and we are pleased to have
the opportunity to participate in the continued success of PAA," said David
Capobianco of Vulcan Capital. "The next step in our investment strategy will
either be to close the Plains Resources transaction or to continue financing
growth and acquisition opportunities in the MLP sector."

Vulcan Capital is currently in the process of completing the acquisition of
Plains Resources Inc. (NYSE:PLX) pursuant to the merger agreement dated February
19, 2004. The closing of the merger is subject to approval by the shareholders
of Plains Resources and other customary closing conditions. The company plans to
hold a special meeting of shareholders as soon as practicable. Completion of the
transaction is expected during the second quarter of 2004.

About Vulcan Capital

Vulcan Capital is the private investment group of Vulcan Inc., the project and
investment management company foundedby Paul G. Allen in 1986 to manage his
personal and professional endeavors. Vulcan Capital oversees a
multibillion-dollar portfolio across diverse industry sectors and investment
asset classes. Its investments range from early stage venture investmentsto
public equity value investing, leveraged buyouts, acquisitions, and distressed
situations. Visit Vulcan Capital online at capital.vulcan.com.

About Plains All American

Plains All American Pipeline, L.P. is engaged in the interstate and intrastate
crude oil transportation, and crude oil gathering, marketing, terminalling and
storage, as well as the marketing and storage of liquefied petroleum gas and
other petroleum products, primarily in Texas, California, Oklahoma, Louisiana
and the Canadian Provinces of Alberta and Saskatchewan. The Partnership's common
units are traded on the New York Stock Exchange under the symbol "PAA." The
Partnership is headquartered in Houston, Texas.

  For more information, press only:
   Michael Nank, 206-342-2000


DATASOURCE: Vulcan, Inc.



CONTACT:  Michael Nank of Vulcan, Inc., [phone], or

 



Web site:  http://www.capital.vulcan.com/ 

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