Hanover Compressor Company and Universal Compression Holdings, Inc. Complete Merger of Equals

    HOUSTON, August 20 /CNW/ - Exterran Holdings, Inc. today announced that
Hanover Compressor Company and Universal Compression Holdings, Inc. completed
their merger of equals, originally announced in February 2007. Effective
Tuesday, August 21, 2007, the common stock of the new combined company,
Exterran, will trade under the symbol "EXH" on the New York Stock Exchange,
and the common stock of Hanover and Universal will no longer be traded. Each
common share of Hanover will be converted to 0.325 shares of Exterran, and
each common share of Universal will be converted to one common share of

    "This combination of two great companies creates a leader in compression
and surface production solutions for the worldwide oil and gas industry," said
Exterran's President and Chief Executive Officer, Stephen A. Snider. "The
merger positions Exterran with a broad range of products and services, a wide
geographic presence and the financial strength necessary to meet the full
compression services and production and processing equipment requirements of
our customers around the globe. Our terrific team of employees has worked hard
to reach this important milestone, and we look forward to seizing the growth
opportunities that our enhanced size and scope provide."

    About Exterran

    Exterran Holdings, Inc. is the global market leader in full service
natural gas compression and a premier provider of sales, operations,
maintenance, fabrication, service and equipment for oil and gas production,
processing and transportation applications. Exterran serves customers across
the energy spectrum -- from producers to transporters to processors to storage
owners. Headquartered in Houston, Texas, Exterran and its 11,000 employees
have operations in over 30 countries worldwide. For more information, visit

    Forward-Looking Statements

    All statements in this release (and oral statements made regarding the
subjects of this release) other than historical facts are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of uncertainties and
factors, many of which are outside Exterran's control, which could cause
actual results to differ materially from such statements. Forward-looking
information includes, but is not limited to, statements regarding the planned
changes to the listing of companies for trading on the New York Stock Exchange
and statements regarding Exterran's expected industry position and ability to
meet customer requirements. While Exterran believes that the assumptions
concerning future events are reasonable, it cautions that there are inherent
difficulties in predicting certain important factors that could impact the
future performance or results of its business. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements include satisfaction of the requirements for
listing or delisting on the New York Stock Exchange, the failure to realize
anticipated synergies from the proposed merger; conditions in the oil and gas
industry, including a sustained decrease in the level of supply or demand for
natural gas and the impact on the price of natural gas; employment workforce
factors, including Exterran's ability to hire, train and retain key employees;
Exterran's ability to timely and cost-effectively obtain components necessary
to conduct its business; changes in political or economic conditions in key
operating markets, including international markets; Exterran's ability to
timely and cost-effectively implement its enterprise resource planning
systems; and changes in safety and environmental regulations pertaining to the
production and transportation of natural gas.

    These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
Universal's Annual Report on Form 10-K for the year ended December 31, 2006,
as amended by Amendment No. 1 thereto, Hanover's Annual Report on Form 10-K
for the year ended December 31, 2006, as amended by Amendment No. 1 thereto,
and those set forth from time to time in Exterran's, Universal's and Hanover's
filings with the Securities and Exchange Commission ("SEC"), which are
currently available through www.universalcompression.com and
www.hanover-co.com and will later be available at www.exterran.com. Except as
required by law, Exterran expressly disclaims any intention or obligation to
revise or update any forward-looking statements whether as a result of new
information, future events, or otherwise.

For further information:

For further information: For Hanover Compressor Company David Oatman,
713-335-7460 (Investors) Rick Goins, 832-554-4918 (Media)

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