Texas Petrochemicals, Inc. News

Texas Petrochemicals Announces Timing of Distribution of Chapter 11 Reserve Shares

HOUSTON, July 1 PRNewswire-FirstCall — Texas Petrochemicals, Inc. (the "Company") (OTC: TXPI) today announced that the Board of Directors has directed Texas Petrochemicals LP ("TPLP") to make final distribution of the reserve shares held by TPLP in connection with its Chapter 11 proceeding on or about September 15, 2008. As a result, TPLP will distribute approximately 610,000 shares in the Company to unsecured creditors pursuant to TPLP's Plan of Reorganization. The shares to be distributed have been issued and outstanding since May 6, 2004 and will not impact the calculation of earnings per share of the Company.

Headquartered in Houston, Texas, Texas Petrochemicals, Inc. is a premier chemical company with more than $2.0 billion in annual sales. Its products are sold to a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuel additives, plastics and detergents. The Company has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel, Port Neches and Baytown, Texas and operates a product terminal in Lake Charles, Louisiana. For more information, visit the Company's web site at http://www.txpetrochem.com.

Cautionary Information Regarding Forward-Looking Statements

Certain oral and written information that the company may make publicly available from time to time may constitute forward-looking statements. Such statements may relate to future operating results, existing and expected competition, financing and refinancing sources and availability, and plans related to strategic alternatives or other future expansion activities and capital expenditures. Forward-looking statements involve a number of risks and uncertainties that may significantly affect the company's liquidity and results in the future and, accordingly, actual results may differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, those related to effects of competition, leverage and debt service, financing and refinancing efforts, litigation and governmental investigations, environmental laws and regulations, general economic conditions and changes in laws or regulations.

Investor Relations Contact: Robert Whitlow Email: robert.whitlow@txpetrochem.com Phone: 713-627-7474 Contact: Ruth Dreessen Email: ruth.dreessen@txpetrochem.com Phone: 713-627-7474 Media Relations Contact: Sara Cronin Email: sara.cronin@txpetrochem.com Phone: 713-627-7474

SOURCE Texas Petrochemicals, Inc.

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