Veresen Receives Clearance from the Committee on Foreign Investment in the United States for its Previously Announced US$1.425 Billion Acquisition of 50% Interest in the Ruby Pipeline

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, Nov. 3, 2014 /CNW/ - Veresen Inc. ("Veresen") (TSX: VSN) is pleased to announce that it has received notice from the Committee on Foreign Investment in the United States ("CFIUS") that there are no unresolved national security issues relating to Veresen's previously announced acquisition of the 50% convertible preferred interest owned by Global Infrastructure Partners in the Ruby pipeline system for US$1.425 billion.  The clearance by CFIUS was without conditions and terminates CFIUS review of the transaction.  The completion of the Ruby acquisition remains subject to customary closing conditions. Closing is expected to occur on November 6, 2014.

Concurrent with the closing of the Ruby acquisition, the holder of each subscription receipt issued by Veresen on October 1, 2014 will be entitled to receive without payment of additional consideration or further action, one common share of Veresen and an amount equal to $0.0833 per subscription receipt, which amount represents the cash dividend per common share declared by Veresen on October 22, 2014 to shareholders of record at the close of business on October 31, 2014, less any applicable withholding taxes.

The common shares issuable upon the exchange of subscription receipts have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and are offered, sold and delivered in the United States in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Veresen Inc.

Veresen is a publicly-traded dividend paying corporation based in Calgary, Alberta, that owns and operates energy infrastructure assets across North America. Veresen is engaged in three principal businesses: a pipeline transportation business comprised of interests in two pipeline systems, the Alliance Pipeline and the Alberta Ethane Gathering System; a midstream business which includes ownership interests in a world-class natural gas liquids extraction facility near Chicago, the Hythe/Steeprock complex, and other natural gas and natural gas liquids processing energy infrastructure; and a power business with a portfolio of assets in Canada and the United States. Veresen is also actively developing a number of greenfield projects, including the Jordan Cove LNG terminal, a six million tonne per annum natural gas liquefaction facility proposed to be constructed in Coos Bay, Oregon, and the Pacific Connector Gas Pipeline. In the normal course of its business, Veresen regularly evaluates and pursues acquisition and development opportunities.

Veresen's common shares, subscription receipts, Series A preferred shares and Series C preferred shares are listed on the Toronto Stock Exchange under the symbols "VSN", "VSN.R", "VSN.PR.A" and "VSN.PR.C", respectively. For further information, please visit www.vereseninc.com.

Forward-Looking Information

Certain information contained herein relating to, but not limited to, Veresen and its businesses, constitutes forward-looking information under applicable securities laws. All statements, other than statements of historical fact, which address activities, events or developments that Veresen expects or anticipates may or will occur in the future, are forward-looking information. Forward-looking information typically contains statements with words such as "will", "may", "estimate", "anticipate", "believe", "expect", "potential", "plan", "intend", "target", "project", "forecast" or similar words suggesting future outcomes or outlook. Forward-looking statements in this news release include, but are not limited to, statements with respect to the timing of closing of the Ruby acquisition. Additional information on risks, uncertainties and factors that could affect the foregoing forward-looking information and/or Veresen's operations or financial results is included in its filings with the securities commissions or similar authorities in each of the provinces of Canada, as may be updated from time to time. Readers are also cautioned that such additional information is not exhaustive. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these factors are independent and management's future course of action would depend on its assessment of all information at that time. Although Veresen believes that the expectations conveyed by the forward-looking information are reasonable based on information available on the date of preparation, no assurances can be given as to future results, levels of activity and achievements. Undue reliance should not be placed on the information contained herein, as actual results achieved will vary from the information provided herein and the variations may be material. Veresen makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking statements contained herein are made as of the date hereof, and Veresen does not undertake any obligation to update publicly or to revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.

All dollar amounts contained in this news release are in Canadian dollars unless otherwise specified.

SOURCE: Veresen Inc.

Dorreen Miller, Director, Investor Relations
Phone: [phone] or [phone] (Investor Relations)
Email: [email protected]