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

HOUSTON, March 31, 2022 /PRNewswire/ -- On March 25, 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 resumed on March 25, 2022. During those negotiations, the Company Parties, the Ad Hoc Group and their respective representatives exchanged further 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. The following information was disclosed by the Company Parties to the Ad Hoc Group during those resumed negotiations:

Based on Ruby's current business plan, G&A Expenses, Ad Valorem Taxes, and Operating Expenses for FY'23 are forecasted to be $8.4 million, $12.8 million and $4.7 million, respectively.

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Important Information Relating to Forward-Looking Statements

This news release includes forward-looking statements. Generally the words "expects," "believes," anticipates," "plans," "will," "shall," "estimates," and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements in this news release include express or implied statements concerning Ruby's forecasts of general and administrative expenses, ad valorem taxes and operating expenses for 2023. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Ruby believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize or their ultimate impact on Ruby's operations or financial condition.

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SOURCE Ruby Pipeline, L.L.C.