DTE Energy to Sell Antrim Shale Gas Properties


o Company takes significant step in executing the non-utility monetization plan
o Upward revision to total expected after-tax monetization proceeds to between $1.25 billion and $1.55 billion
o DTE Energy's Board of Directors increases stock repurchase authorization to $1.55 billion

DETROIT, May 20 / -- DTE Energy (NYSE:DTE) today announced that it has agreed to sell its Michigan Antrim Shale gas exploration and production properties to Atlas Energy Resources, LLC for $1.225 billion of gross proceeds. The deal is expected to close on or about June 30, 2007.

"This divestiture offers DTE Energy a strong value for the Antrim gas assets and recognizes our achievement in building this business to be the single largest producer in the Antrim," said Anthony F. Earley Jr., DTE Energy chairman and CEO. "We believe this deal provides Atlas with an ideal entrance into Antrim with a set of high quality assets and personnel. DTE Energy's gas team has a proven track record of acquiring less developed properties, then substantially increasing their value by proving up the reserves and by applying the production techniques that have made us among the lowest-cost operators in the Antrim Shale."

The Antrim properties will continue to be operated by the existing management team located in Traverse City, Mich., with approximately 40 employees.

"This is a strong first step in executing the plan for our non-utility businesses announced last fall," said Gerard M. Anderson, DTE Energy president and chief operating officer. "Our Traverse City team has done an outstanding job creating value for DTE's shareholders. We wish them well in their future endeavors with Atlas Energy Resources."

Given the execution of the Antrim sale agreement and strong investor interest in other non-utility assets, the company is now confident that the monetizations will result in after-tax proceeds between $1.25 billion and $1.55 billion by year-end.

With the signing of the agreement with Atlas, DTE Energy's Board of Directors has authorized up to a $1.55 billion common share repurchase program, increased from the previous $700 million. DTE Energy currently intends to execute share repurchases between $650 and $850 million by year-end 2007 inclusive of purchases to date. The amount of repurchases depends primarily on the net after-tax proceeds realized from the non-utility monetization plan.

"To date, we have repurchased approximately $159 million of stock under this plan and have the ability to make additional stock repurchases as we work to close these restructuring sales," said David E. Meador, DTE Energy executive vice president and chief financial officer. "The company plans to pursue open-market purchases throughout the year as well as an accelerated share repurchase should the right market conditions align with the expected completion of the non-utility restructuring plan."

J. P. Morgan Securities Inc. acted as exclusive financial advisor to DTE Energy on this transaction.

Conference call and webcast information
DTE Energy plans to conduct a conference call for the investment community hosted by Earley, Anderson and Meador at 8:30 a.m. EDT Monday, May 21, to discuss this asset sale under the company's non-utility monetization plan. Investors, the news media and the public may listen to a live internet broadcast of the meeting at dteenergy.com/investors. The telephone dial-in numbers are (800) 811-0667 or (913) 981-4901. There is no passcode. The internet broadcast will be archived on the company's website. An audio replay of the call will be available until June 3. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 1573040.

DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include Detroit Edison, an electric utility serving 2.2 million customers in Southeastern Michigan, MichCon, a natural gas utility serving 1.3 million customers in Michigan and other non-utility, energy businesses focused on gas pipelines and storage, coal transportation, unconventional gas production, and power and industrial projects. Information about DTE Energy is available at dteenergy.com.

Atlas Energy Resources, LLC is an energy company focused on the development and production of natural gas and, to a lesser extent, oil, principally in the Appalachian Basin. Atlas Energy sponsors and manages tax- advantaged investment partnerships in which it co-invests to finance the exploitation and development of its acreage.

Source: DTE Energy

CONTACT:Media, Scott Simons, +1-313-235-8808, or Lorie Kessler, +1-313- 235-8807, or Analysts, Dan Miner, +1-313-235-5525, or Lisa Muschong, +1-313- 235-8505, all of DTE Energy

Web site: http://www.dteenergy.com/
http://dteenergy.com/investors/

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