Hanover Compressor Company Announces Receipt of the Requisite Consents in Connection with Its Tender Offers and Consent Solicitations

    HOUSTON, August 1 /CNW/ - Hanover Compressor Company (the "Company")
today announced that, in connection with its previously announced tender
offers and consent solicitations for $550 million of its outstanding senior
notes (as described in the table below and, collectively, the "Notes"), it has
received the requisite consents to amend the indentures governing the Notes.
As of 5:00 p.m., New York City time, on August 1, 2007 (the "Consent Payment
Deadline"), the Company had received tenders and consents as displayed in the
table below.

                                                    Principal   % Tendered
                                                      Amount        and
                                                   Tendered and   With
                                                       With      Respect
                                                   Respect to       to
                                                       Which      Which
                                       Principal    Consents     Consents
                              CUSIP      Amount        Were       Were
       Title of Security     Number    Outstanding  Delivered    Delivered
    8.625% Senior Notes due 410768AF2
              2010                    $200,000,000 $199,815,000     99.91%
    9.0% Senior Notes due   410768AG0
              2014                    $200,000,000 $200,000,000       100%
    7.5% Senior Notes due   410768AH8
              2013                    $150,000,000 $150,000,000       100%

    The supplemental indentures effecting the proposed amendments have been
executed and have become effective, and the amendments to the indentures will
become operative upon the acceptance for purchase of the Notes by the Company.
The amendments to the indentures eliminate substantially all of the
restrictive covenants and eliminate or modify certain events of default in the
indentures governing the Notes, as described in the Offer to Purchase and
Consent Solicitation Statement dated as of July 19, 2007 ("the Offer to
Purchase"). Withdrawal rights with respect to tendered Notes have expired.
Accordingly, Notes tendered may no longer be withdrawn and consents delivered
may no longer be revoked.

    Each holder who validly tenders its Notes and delivers consents at or
after the Consent Payment Deadline will not be entitled to receive the consent
payment of $30 for each $1,000 principal amount of Notes tendered by such
holder and accepted for purchase pursuant to a tender offer.

    The tender offers and consent solicitations will expire at 5:00 p.m., New
York City time, on August 17, 2007, unless extended or earlier terminated by
the Company. The Company reserves the right to terminate, withdraw or amend
the tender offers and consent solicitations at any time subject to applicable

    Wachovia Securities has been retained to act as exclusive dealer manager
in connection with the tender offers and consent solicitations. Questions
about the tender offers and consent solicitations may be directed to Wachovia
Securities at 866-309-6316 (toll free) or 704-715-8341 (collect). Copies of
the tender offer documents and other related documents may be obtained from
D.F. King & Co., Inc., the information agent for the tender offers and consent
solicitations, at 800-859-8508 (toll free) or 212-269-5550 (collect).

    The tender offers and consent solicitations are being made solely by
means of the tender offer documents. Under no circumstances shall this press
release constitute an offer to purchase or the solicitation of an offer to
sell the Notes or any other securities of the Company or any other person, nor
shall there be any offer or sale of any Notes or other securities in any state
or jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
jurisdiction. This press release also is not a solicitation of consents to the
proposed amendments to the indentures and the Notes. No recommendation is made
as to whether holders of the Notes should tender their Notes or give their

    About Hanover Compressor Company

    Hanover Compressor Company is a global market leader in full service
natural gas compression and a leading provider of service, fabrication and
equipment for oil and natural gas production, processing and transportation
applications. Hanover sells and rents this equipment and provides complete
operation and maintenance services, including run-time guarantees for both
customer-owned equipment and its fleet of rental equipment.

    Additional Information

    In connection with the proposed merger of Universal Compression Holdings
and Hanover Compressor Company, a registration statement of the new company,
Exterran Holdings, Inc. (formerly Iliad Holdings, Inc.), which includes
definitive proxy statements of Universal and Hanover, a prospectus of Exterran
and other materials, has been filed with the SEC. INVESTORS AND SECURITY
AND THE PROPOSED TRANSACTION. Investors and security holders may obtain a free
copy of the definitive proxy statement/prospectus without charge, at the SEC's
web site at www.sec.gov, Universal's web site at www.universalcompression.com,
and Hanover's web site at www.hanover-co.com. Copies of the definitive proxy
statement/prospectus and the SEC filings that are incorporated by reference
therein may also be obtained for free by directing a request to either
Investor Relations, Universal Compression Holdings, Inc., 713-335-7000 or to
Investor Relations, Hanover Compressor Company, 832-554-4856.

    Participants in Solicitation

    Universal Compression Holdings and Hanover Compressor Company and their
respective directors, officers and certain other members of management may be
deemed to be participants in the solicitation of proxies from their respective
stockholders in respect of the merger. Information about these persons can be
found in the definitive proxy statement/prospectus that has been filed with
the SEC in connection with the proposed transaction.

For further information:

For further information: Hanover Compressor Company Investor Relations
Inquiries: Lee E. Beckelman, 281-405-5194 Senior Vice President and Chief
Financial Officer lbeckelman@hanover-co.com or Stephen York, 832-554-4856 Vice
President, Investor Relations and Technology syork@hanover-co.com

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