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Subject: Petroleum trading tops $1 billion on HoustonStreet Exchange
Contact: Deb Dargie Kim Salem Beaupre & Co. Public Relations Inc. HoustonStreet Exchange (603) 559-5826 (603) 766-8703 ddargie@beaupre.com ksalem@houstonstreet.com Petroleum trading tops $1 billion on HoustonStreet Exchange Company responds to user feedback and prepares for more trader activity PORTSMOUTH, N.H., Oct. 2, 2000 * Bolstered by ever-increasing trading volume and a shift toward doing business on the Web, HoustonStreet Exchange's crude oil and refined products platforms last week surpassed more than $1 billion in trades in just over four months after going live, the company today announced. The company has applied the knowledge that it has gained from this trading activity to provide further enhancements to drive liquidity on its trading platforms, and today released its latest upgrade to both petroleum platforms. HoustonStreet has created a superior trading engine by tailoring its platforms to meet the needs of traders. To keep the site current with evolving trader needs, HoustonStreet has continually enhanced both platforms based on that community's feedback. HoustonStreet's strategic partnerships with Equiva Trading Company (the trading element of the U.S. downstream Alliance of Shell Oil, Texaco, Inc. and Saudi Aramco) and Conoco have ignited the site's liquidity and trading volume. "In this market, it is vital to have solid user feedback so we can provide our traders the best tools to conduct business over the Web," said Michael Dailey, HoustonStreet's director of oil platforms. "We've established relationships with significant energy companies that know the industry and know how to generate liquidity. Together with our neutral trading engine and our focus on execution to quickly respond to feedback from our trading community, we have been able to secure a leadership position in online crude oil and refined products trading. We are pleased to achieve the $1 billion mark and look forward to even greater liquidity going forward." HoustonStreet's refined products trading floor, which includes gasoline, diesel and heating oil, now allows traders to conduct buy/sell transactions. This new functionality enables traders to exchange one refined product for another based on product grade, delivery timeframe or pipeline. Additional enhancements to both platforms, such as increased login security and audible alerts, will further answer trader requests. "The system is very easy to use and very intuitive," said Barry Bernfeld, president of Societe Generale Energie (USA) Corp. "I'm looking forward to the new version, with its ability to trade buy/sells, which I'm confident will increase liquidity." "With a few simple clicks, our traders are on the floor and doing deals," said Brian King, executive vice president and chief operating officer of HoustonStreet Exchange. "Traders know what they need better than we do, so we're using their input to help us further refine a system that is already working very well. Understanding the nuances and differences in each commodity we offer, and translating that into specific trader functionality, will be a major part of our continued success." About HoustonStreet Exchange Designed by traders for traders, HoustonStreet.com represents the first Web portal for trading wholesale energy products. HoustonStreet.com allows traders to buy and sell their energy products faster, more efficiently and more easily than through traditional methods. HoustonStreet, Inc. is headquartered in Portsmouth, N.H. with offices in Houston, Texas and foreign subsidiary offices in Amsterdam and London. The company is a majority-owned subsidiary of BayCorp Holdings, Ltd., (AMEX: MWH). For more information, visit HoustonStreet at www.houstonstreet.com. # # # This press release contains forward-looking statements. There are a number of important factors that could cause these forward-looking statements to be materially inaccurate. These factors include, without limitation, that (i) energy traders may be unwilling or unable to use Internet-based energy trading systems, including HoustonStreet.com, (ii) HoustonStreet.com may not be able to operate profitably, (iii) technological or systems outages could occur, (iv) competitors with greater financial, marketing or other resources could emerge, (v) performance is contingent upon successful completion of design, implementation and improvement to the electricity, crude, refined products and natural gas sites, and (vi) market acceptance of HoustonStreet.com cannot be predicted. HoustonStreet.com is a registered service mark of HoustonStreet Exchange.
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