Irving Oil and TransCanada Announce Joint Venture to Develop New Saint John Marine Terminal

 Irving Oil and TransCanada Announce Joint Venture to Develop New Saint John
                               Marine Terminal

PR Newswire

SAINT JOHN, NB, Aug. 1, 2013

Proposed $300M Marine Terminal Represents first Major Regional Investment
Directly Linked to the Energy East Pipeline Project

SAINT JOHN, NB, Aug. 1, 2013 /PRNewswire/ - Following TransCanada's
announcement today to proceed with the development of the Energy East Pipeline
that will transport western Canadian crude oil to Montreal, Quebec City and
Saint John, Irving Oil and TransCanada announced they will form a joint
venture to develop and construct the new Canaport Energy East Marine Terminal
at Irving Canaport in Saint John.

"We are extremely pleased to be partnering with TransCanada. They are a
world-class company and lead their industry in safety and environmental
stewardship," said Paul Browning, President and CEO, Irving Oil. "The Canaport
Energy East Marine Terminal will connect TransCanada's Energy East Pipeline to
an ice-free, deep water port. It will allow Canadian producers direct access
to world markets for exporting Canadian oil via the world's largest crude
carrying vessels."

The proposed $300 million marine terminal adds to the significant
infrastructure investment Irving Oil has made in the Canaport facility over
the past several decades. Irving Oil imports over 100 million barrels of crude
oil each year at Irving Canaport and has imported over two billion barrels of
oil during 40 years of operation. The Energy East pipeline will offer a
broader supply of crude oil for our 300,000 barrel per day refinery than what
we have access to today which will help ensure our long-term competitiveness
in our industry.

"It's a pleasure for us to partner with Irving Oil to invest in critical
infrastructure in Saint John that will allow Canadian crude oil to reach
Canadian and global markets. Irving Oil has a proven safety and environmental
track record in over four decades of marine terminal operation," said Russ
Girling, President and CEO, TransCanada.

The project timeline for the marine terminal, which is expected to begin with
engineering and design work in 2015, will coincide with Energy East Pipeline
project developments. The new Canaport Energy East Marine Terminal will be
located adjacent to Irving Oil's existing import terminal and will be operated
by Irving Oil.

"This $300 million investment in the Canaport Energy East terminal will create
hundreds of jobs during construction, and will employ up to 50 people in
long-term, high skill jobs for years to come," said Browning. "We are proud at
Irving Oil to have been making these types of long term investments in our
home province since 1924."

About Irving Oil - Irving Oil is a privately owned regional energy and
marketing company that provides eastern Canada and New England with the
highest-quality products and customer service. Founded in 1924 and based in
Saint John, New Brunswick, Irving Oil maintains a strong tradition of public
service and partnerships within its host communities. For information about
Irving Oil, visit www.irvingoil.com.

About TRANSCANADA - With more than 60 years' experience, TransCanada is a
leader in the responsible development and reliable operation of North American
energy infrastructure including natural gas and oil pipelines, power
generation and gas storage facilities. TransCanada operates a network of
natural gas pipelines that extends more than 68,500 kilometres (42,500 miles),
tapping into virtually all major gas supply basins in North America.
TransCanada is one of the continent's largest providers of gas storage and
related services with more than 400 billion cubic feet of storage capacity. A
growing independent power producer, TransCanada owns or has interests in over
11,800 megawatts of power generation in Canada and the United States.
TransCanada is developing one of North America's largest oil delivery systems.
TransCanada's common shares trade on the Toronto and New York stock exchanges
under the symbol TRP. For more information visit: www.transcanada.com or check
us out on Twitter @TransCanada or http://blog.transcanada.com.

SOURCE Irving Oil

Contact:

Media contact:
Carolyn Van der Veen, Irving Oil
(506) 202-1869
carolyn.vanderveen@irvingoil.com

TransCanada Media Enquiries:
Shawn Howard/Grady Semmens/Philippe Cannon
(Montréal)
403.920.7859 or 800.608.7859
james_millar@transcanada.com