Inter Pipeline to Provide Diluent Transportation for Athabasca Oil Corporation Hangingstone Project

Inter Pipeline to Provide Diluent Transportation for Athabasca Oil Corporation 
Hangingstone Project 
CALGARY, ALBERTA -- (Marketwired) -- 11/06/13 -- Inter Pipeline Ltd.
("Inter Pipeline") (TSX:IPL) announced today that it has entered into
a binding agreement with AOC Hangingstone Partnership, a wholly owned
subsidiary of Athabasca Oil Corporation ("AOC"), to provide diluent
transportation services for AOC's multi-phase Hangingstone oil sands
project. Under the terms of a 25-year ship-or-pay agreement, Inter
Pipeline will provide AOC with an initial 4,500 barrels per day of
committed capacity on its Polaris pipeline in support of the first
production phase of the Hangingstone project. 
AOC, through the Hangingstone Partnership, expects to develop the
Hangingstone project in several phases over the coming years. Inter
Pipeline holds the exclusive right to provide diluent transportation
for future phases of the project. Should all three planned phases be
developed, Inter Pipeline estimates that the Hangingstone project may
require up to 30,000 barrels per day of diluent. 
Inter Pipeline will initially provide transportation service
utilizing Polaris' existing 12-inch diameter diluent mainline. A new
$25 million, 4 kilometer pipeline lateral with associated metering
facilities will connect Polaris to the AOC Hangingstone oil sands
facility. Diluent capacity for Phases 2 and 3 of the AOC Hangingstone
project is expected to be provided through a future extension of the
new 30-inch diameter Polaris mainline that is currently under
construction. A map of the new connection to the AOC Hangingstone
project is available on our website at www.interpipeline.com. 
"Inter Pipeline is pleased to add AOC to our growing portfolio of
diluent delivery customers on the Polaris pipeline system," stated
David Fesyk, President and Chief Executive Officer of Inter Pipeline.
"Over the past two years we have signed transportation contracts with
six oil sands customers on Polaris, representing committed volumes in
excess of 500,000 barrels per day. These firm capacity contracts
continue to support the phased, capital efficient expansion of the
Polaris system." 
Inter Pipeline expects to initially generate long term annual EBITDA
of approximately $5 million when the new AOC connection enters
commercial service in early 2015. Inter Pipeline will also earn
additional EBITDA when AOC increases its diluent capacity commitments
through the phased development of the Hangingstone project. All
operating costs will be recovered on a flow through basis. 
Inter Pipeline Ltd. 
Inter Pipeline is a major petroleum transportation, natural gas
liquids extraction, and bulk liquid storage business based in
Calgary, Alberta, Canada. Inter Pipeline owns and operates energy
infrastructure assets in western Canada and northern Europe.
Additional information about Inter Pipeline can be found at
www.interpipeline.com. 
Inter Pipeline shares trade on the Toronto Stock Exchange under the
symbol IPL. 
Disclaimer 
Certain information contained herein may constitute forward-looking
statements that involve risks and uncertainties. Forward-looking
statements in this news release include, but are not limited to,
timing and completion cost estimates for the Polaris expansion, and
forward EBITDA estimates. Readers are cautioned not to place undue
reliance on forward-looking statements. Such information, although
considered reasonable by Inter Pipeline at the time of preparation,
may later prove to be incorrect and actual results may differ
materially from those anticipated in the statements made. For this
purpose, any statements that are not statements of historical fact
may be deemed to be forward-looking statements. Forward-looking
statements often contain terms such as "may", "will", "should",
"anticipate", "expects" and similar expressions. Such risks and
uncertainties include, but are not limited to, risks associated with
operations, such as loss of markets, regulatory matters,
environmental risks, industry competition, potential delays and cost
overruns of construction projects, and the ability to access
sufficient capital from internal and external sources. You can find a
discussion of those risks and uncertainties in Inter Pipeline's
securities filings at www.sedar.com. The forward-looking statements
contained in this news release are made as of the date of this
document, and, except to the extent required by applicable securities
laws and regulations, Inter Pipeline assumes no obligation to update
or revise forward-looking statements made herein or otherwise,
whether as a result of new information, future events, or otherwise.
The forward-looking statements contained in this document are
expressly qualified by this cautionary note. 
All dollar values are expressed in Canadian dollars unless otherwise
noted. 
Non-GAAP Financial Measures 
Certain financial measures referred to in this news release, namely,
"EBITDA" and "cash flow" are not measures recognized by GAAP. These
non-GAAP financial measures do not have standardized meanings
prescribed by GAAP and therefore may not be comparable to similar
measures presented by other entities. Investors are cautioned that
these non-GAAP financial measures should not be construed as
alternatives to other measures of financial performance calculated in
accordance with GAAP.
Contacts:
Investor Relations: Inter Pipeline Ltd.
Jeremy Roberge
Vice President, Capital Markets
403-290-6015 or 1-866-716-7473
jroberge@interpipeline.com 
Media Relations: Inter Pipeline Ltd.
Tony Mate
Director, Corporate and Investor Communications
403-290-6166
tmate@interpipeline.com
www.interpipeline.com