Date:  November 15, 2007
	Media Contact:
	Michael Kinney
	732-938-1031
	mkinney@njresources.com
	Investor Contact:
	Dennis Puma
	732-938-1229
	dpuma@njresources.com

NEW JERSEY RESOURCES REPORTS FISCAL 2007 RESULTS;

INCREASES DIVIDEND 5.3 PERCENT

Ÿ	Fiscal 2007 earnings increase 12 percent to $3.17 per basic share
Ÿ	NJR Board approves 5.3 percent increase in quarterly dividend rate to $.40 per share
Ÿ	Share repurchase plan increased by 1 million shares
Ÿ	Initial guidance issued of $3.20 to $3.30 per basic share for fiscal 2008

WALL, N.J.– New Jersey Resources (NYSE: NJR) today announced its fiscal 2007 results, marking its 16th consecutive year of earnings growth. The company reported earnings per basic share of $3.17, compared with $2.82 last year. The increase was driven by a 42.8 percent increase in earnings at NJR Energy Services (NJRES), the company’s wholesale energy subsidiary.

"Our constant focus on consistent performance made fiscal 2007 another strong year for New Jersey Resources," said Laurence M. Downes, chairman and CEO of NJR. “We were able to surpass our initial earnings guidance and achieve another year of higher earnings while helping our customers to save energy with aggressive education initiatives and enhancing our own environmental efforts through Conserve to Preserve™.”

NJR also announced that its Board of Directors approved a 5.3 percent increase in the quarterly dividend rate to $.40 per share from $.38 per share. The new quarterly rate is effective with the dividend payable January 2, 2008 to shareowners of record on December 15, 2007. The new indicated annual dividend rate is $1.60 per share. NJR has now increased its dividend in each of the last 13 years and has paid quarterly dividends since 1952.

“We continue to deliver consistent results for our shareowners and appreciate the confidence they place in NJR,” Downes said.

Share Repurchase Plan Increased

Yesterday, the NJR Board of Directors authorized an increase in the share repurchase plan from 3.5 million to 4.5 million shares. The plan authorizes NJR to purchase its shares on the open market or in negotiated transactions, based on prevailing market prices. NJR purchased 340,000 shares under its share repurchase plan during fiscal 2007. Since the share repurchase plan began in September 1996, NJR has invested over $144 million to repurchase 3.49 million shares at a spilt-adjusted, average price of $34.72.

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Financial and operating highlights included:

Ÿ  Higher Net Income and Basic Earnings per Share

For the 12 months ended September 30, 2007, NJR earned $88.4 million, or $3.17 per basic share, compared with $78.5 million, or $2.82 per basic share, last year. In the fourth quarter, NJR posted a consolidated loss of $15.3 million or $.55 per basic share, compared with a loss of $12 million, or $.43 per basic share last year. It should be noted that NJR believes a loss in this 3-month period is typical for the company and due primarily to the seasonal nature of NJR’s primary businesses.

Earnings decreased at NJNG, which earned $44.5 million in fiscal 2007, compared with $46.9 million last year. NJNG lost $11.2 million in the quarter versus a loss of $7 million last year. The increase in net loss during the quarter was driven primarily by pre-tax settlement charge with the New Jersey Board of Public Utilities (BPU) of $4 million related to certain previously deferred remediation claims associated with a manufactured gas plant in Long Branch, N.J. These claims were determined to be related to personal injury and therefore not recoverable under NJNG’s remediation adjustment clause.

In fiscal 2007, NJRES reported a 42.8 percent increase in earnings to $40.1 million, compared with $28.1 million last year. The increase was due primarily to higher gross margin from its portfolio of storage and transportation capacity assets. For the three months ended September 30, 2007, NJRES reported a loss of $5.9 million, compared with a loss of $7.4 million last year. The improvement was driven by a slight increase in gross margin resulting from the impact of warmer-than-normal weather on electric demand in the Southeast and a decrease in interest expense.

Ÿ   NJNG Customer Growth Driven by Conversions

NJNG added 8,421 new customers in fiscal 2007, of which 39 percent converted from other fuels. NJNG also added natural gas heat and other services to 770 existing customers during the year. NJNG expects to maintain an approximate 1.8 percent annual customer growth rate in fiscal 2008, which it believes is above the national average for natural gas distribution companies. 

Ÿ     Conservation Incentive Program Allows Recovery of Impact from Weather and Usage

“Normal” weather is based on 20-year average temperatures as calculated based on three reference areas representative of NJNG’s service territory. Weather during the 12-month period ended September 30, 2007 was 5.6 percent warmer than normal and 2.6 percent colder than last year. As with the weather normalization clause which preceded it, the impact of weather is significantly offset by the Conservation Incentive Program (CIP). This program is designed to normalize year-to-year fluctuations on both NJNG’s gross margin and customers’ bills that may result from changing weather and usage patterns. Included in the total CIP accrual of $16.5 million was $8.2 million associated with the warmer-than-normal weather and $8.3 million associated with lower customer usage. On October 3, 2007, the BPU provisionally approved $15.6 million of CIP recovery reflecting actual balances through June 30, 2007 and estimated levels from July through September 30, 2007. Customers have already realized annual Basic Gas Supply Service savings of $10.6 million in fixed cost reductions through the CIP. Additionally, the lower level of gas usage in fiscal 2007 represents another estimated $37.6 million in commodity cost savings achieved by customers.

Ÿ I    Incentives Provide Benefit to Customers, Shareowners; Regulators Approve Extension

During the fiscal year, NJNG’s utility gross margin-sharing incentive programs, which include off-system sales, capacity release, storage optimization and financial risk management programs, totaled 36.5 billion cubic feet (Bcf) and $8.1 million of utility gross margin, compared with 38.4 Bcf and $7.4 million of utility gross margin for the same period last year. For the three months ended September 30, 2007, these programs totaled 9.7 Bcf and $1.7 million of utility gross margin, compared with 8.4 Bcf and $876,000 of utility gross margin for the same period last year.

NJNG shares the utility gross margin earned from these incentive programs with customers and shareowners according to utility gross margin-sharing formulas. Since the establishment of these incentive programs in 1992, NJNG customers have saved over $338 million on their natural gas bills, or approximately 4 percent annually. In October 2007, the utility received regulatory approval for an extension of its incentive programs through October 31, 2008 with all but one mechanism remaining at its present sharing levels. The financial risk management program changed from an 80/20 sharing to an 85/15 sharing between customers and NJNG, respectively, effective November 1, 2007.

Ÿ      Wholesale Energy Services Achieves Record Earnings

NJRES earned $40.1 million during fiscal 2007, compared with $28.1 million last year. The increase in earnings was primarily the result of favorable market-related conditions during fiscal 2007. These conditions included the ability to arbitrage storage positions and capitalize on seasonal pricing fluctuations, as well as the optimization of pipeline capacity with respect to geographic pricing differentials. The increase was due primarily to higher gross margin generated by colder-than-normal weather in the Northeast during the second fiscal quarter. This increase in gross margin offset higher labor costs and other operating expense increases.

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Ÿ       Retail and Other

This business segment consists of NJR Home Services (NJRHS), which provides service, sales and installation of appliances to over 149,000 customers; NJR Energy, which consists of a 5.53 percent equity investment in Iroquois Gas Transmission System, L.P. (Iroquois), a partnership of subsidiaries of energy companies that owns an interstate natural gas pipeline in the Northeast; a 50 percent equity investment, through two wholly-owned subsidiaries, in Steckman Ridge GP, LLC and Steckman Ridge LP, a natural gas storage facility under joint development with a partner in western Pennsylvania; and Commercial Realty & Resources, which develops commercial real estate. Earnings in fiscal 2007 were $3.7 million, compared with $3.5 million last year as a result of additional contracts at NJRHS and improved performance from the Iroquois investment. For the three months ended September 30, 2007, this business segment earned $1.8 million, compared with $2.4 million last year. The decrease in fourth-quarter earnings is primarily due to greater corporate overhead allocations, which were partially offset by increased earnings from the investment in Iroquois and greater earnings at NJRHS.

Fiscal 2008 Earnings Guidance

Assuming the continued positive impact of the CIP, stable economic conditions, continued customer growth at NJNG, continued volatility in the wholesale natural gas markets affecting NJRES and subject to the factors discussed below under “Forward-Looking Statements,” NJR estimates earnings for fiscal 2008 will be in the $3.20 to $3.30 per basic share range.

Additional Non-GAAP Financial Information

NJRES’ gross margin and NJNG’s utility gross margin are included as supplemental disclosures because such items are the primary measures used by management in analyzing the results of their operations. NJRES’ gross margin represents natural gas revenues and management fees less natural gas costs and fixed portfolio costs. NJNG’s utility gross margin represents natural gas revenues less natural gas costs, sales and other taxes and regulatory rider expenses. These measurements represent the results of revenues less certain costs, which are key components of our operations and move in relation to each other and can be dramatically influenced by the changes in the wholesale price of natural gas. In addition, management believes that NJNG’s utility gross margin provides a more meaningful basis for evaluating utility operations than revenue as natural gas costs, sales and other taxes and regulatory rider expenses are passed through to customers, and therefore have no effect on gross margin. Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of our performance. Management believes these gross margin amounts are more reflective of our operations, provide transparency to investors and enable period-to-period comparability of financial performance. As an indicator of our operating performance, gross margin should not be considered an alternative to, or more meaningful than, operating income as determined in accordance with GAAP. Management’s definition of NJRES’ gross margin and NJNG’s gross margin may not be comparable to the definition of gross margin used by other companies in either the natural gas distribution business or other industries.

A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, can be found below.

Forward-Looking Statements

This news release contains estimates, earnings guidance and other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Other factors that could cause actual results, including gross margin, earnings and customer growth, to differ materially from the company’s expectations include, but are not limited to, weather, economic conditions and demographic changes in NJNG’s service territory, rate of customer growth, volatility of natural gas commodity prices and its impact on customer usage, and NJRES operations, the impact of the company’s risk management efforts, including commercial and wholesale credit risks, the company’s ability to obtain governmental approvals, property rights and/or financing for the construction, development and operation of its non-regulated energy investments, risks associated with the management of the company’s joint ventures and partnerships, the impact of regulation (including the regulation of rates), the outcome of any future base rate cases, fluctuations in energy-related commodity prices, conversion activity, other marketing efforts, actual energy usage patterns of NJNG’s customers, the pace of deregulation of retail gas markets, access to adequate supplies of natural gas, the regulatory and pricing policies of federal and state regulatory agencies, changes due to legislation at the federal and state level, an adequate number of appropriate counterparties, sufficient liquidity in the energy trading market and continued access to the capital markets, the disallowance of recovery of environmental-related expenditures and other regulatory changes, environmental and other litigation and other uncertainties. More detailed information about these factors is set forth in NJR’s filings with the Securities and Exchange Commission (SEC), including its annual report on Form 10-K filed on November 22, 2006, its quarterly report filed on August 2, 2007 and its annual report for fiscal 2007 on Form 10-K to be filed on, or about, November 21, 2007. NJR’s SEC documents are available at www.sec.gov. NJR does not, by including this paragraph, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

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Webcast Information

NJR will host a live webcast to discuss its financial results today at 2 p.m. ET. A few minutes prior to the webcast, go to njliving.com and select “New Jersey Resources” from the top navigation bar. Choose “Investor Relations,” then click just below the microphone under the heading “Latest Webcast” on the Investor Relations home page.

About New Jersey Resources

New Jersey Resources (NYSE:NJR), a Fortune 1000 company and a member of the Forbes Platinum 400, provides reliable retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada. Its principal subsidiary, New Jersey Natural Gas, is one of the fastest-growing local distribution companies in the United States serving more than 478,000 customers in central and northern New Jersey. Other major NJR subsidiaries include NJR Energy Services and NJR Home Services. NJR Energy Services provides customer service and management of natural gas storage and capacity assets in the energy services market. NJR Home Services offers retail customers heating, air conditioning and appliance services. NJR’s progress is a tribute to the more than 5,000 dedicated employees who have shared their expertise and focus on quality through more than 50 years of serving customers and the community to make NJR a leader in the competitive energy marketplace. For more information, visit NJR’s Web site at njliving.com.

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NEW JERSEY RESOURCES

CONSOLIDATED FINANCIAL RESULTS

	Three Months Ended						Twelve Months Ended
Thousands, except per share data	September 30,						September 30,
(Unaudited)	2007			2006			2007		2006
Operating Revenues		$597,474			$534,507			$3,028,933		$3,299,608
Net (Loss) Income		$(15,345	)		$(11,971	)		$88,354		$78,519
(Loss) Earnings Per Common Share
Basic		$(.55	)		$(.43	)		$3.17		$2.82
Diluted		$(.55	)		$(.43	)		$3.15		$2.80
Average Shares Outstanding
Basic		27,995			28,020			27,903		27,862
Diluted		28,166			28,276			28,075		28,081

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NEW JERSEY RESOURCES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)	Three Months Ended  September 30,							Twelve Months Ended September 30,
(Thousands, except per share data)		2007			2006			2007		2006
OPERATING REVENUES			$597,474			$534,507		$	3,028,933	$	3,299,608
OPERATING EXPENSES
Gas purchases			556,352			498,949			2,590,684		2,909,789
Operation and maintenance			41,979			33,799			136,601		121,384
Regulatory rider expenses			3,778			2,719			37,605		28,587
Depreciation and amortization			9,267			8,830			36,235		34,753
Energy and other taxes			6,801			5,534			62,499		58,632
Total operating expenses			618,177			549,831			2,863,624		3,153,145
OPERATING INCOME			(20,703	)		(15,324	)		165,309		146,463
Other income			1,062			1,182			4,294		4,725
Interest charges, net			7,260			7,655			27,613		25,669
INCOME BEFORE INCOME TAXES			(26,901	)		(21,797	)		141,990		125,519
Income tax provision			(11,196	)		(9,159	)		55,298		48,817
Equity in earnings, net of tax			360			667			1,662		1,817
NET INCOME			$(15,345	)		$(11,971	)		$88,354		$78,519
EARNINGS PER COMMON SHARE
BASIC			$(0.55	)		$(0.43	)		$3.17		$2.82
DILUTED			$(0.55	)		$(0.43	)		$3.15		$2.80
DIVIDENDS PER COMMON SHARE			$0.38			$0.36			$1.52		$1.44
AVERAGE SHARES OUTSTANDING
BASIC			27,995			28,020			27,903		27,862
DILUTED			28,166			28,276			28,075		28,081

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NEW JERSEY RESOURCES
	Three Months Ended							Twelve Months Ended
(Unaudited)	September 30,							September 30,
(Thousands, except per share data)		2007			2006			2007			2006
Operating Revenues
New Jersey Natural Gas		$	134,390		$	109,108		$	1,005,588		$	1,138,774
NJR Energy Services			454,124			417,447			1,994,682			2,133,540
NJR Home Services and Other			9,030			8,021			28,944			27,568
Sub-total			597,544			534,576			3,029,214			3,299,882
Intercompany Eliminations			(70	)		(69	)		(281	)		(274	)
Total		$	597,474		$	534,507		$	3,028,933		$	3,299,608
Operating Income
New Jersey Natural Gas		$	(14,486	)	$	(8,297	)	$	88,528		$	88,029
NJR Energy Services			(9,349	)		(10,294	)		71,804			53,745
NJR Home Services and Other			3,132			3,267			4,977			4,689
Total		$	(20,703	)	$	(15,324	)	$	165,309		$	146,463
Net Income
New Jersey Natural Gas		$	(11,256	)	$	(7,020	)	$	44,480		$	46,870
NJR Energy Services			(5,936	)		(7,386	)		40,148			28,113
NJR Home Services and Other			1,847			2,435			3,726			3,536
Total		$	(15,345	)	$	(11,971	)	$	88,354		$	78,519
Throughput (Bcf)
NJNG, Core Customers			7.7			7.6			66.3			64.4
NJNG, Off System/Capacity Management			9.7			8.4			36.5			38.4
NJRES Fuel Mgmt. and Wholesale Sales			67.7			58.4			260.1			228.7
Total			85.1			74.4			362.9			331.5
Common Stock Data
Yield at September 30			3.1	%		2.9	%		3.1	%		2.9	%
Market Price
High			$52.70			$51.39			$56.45			$51.39
Low			$45.50			$46.34			$45.50			$40.68
Close at September 30			$49.59			$49.30			$49.59			$49.30
Shares Out. at September 30			27,741			27,625			27,741			27,625
Market Cap. at September 30		$	1,375,676		$	1,361,913		$	1,375,676		$	1,361,913

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NEW JERSEY NATURAL GAS
	Three Months Ended							Twelve Months Ended
(Unaudited)	September 30,							September 30,
(Thousands, except customer & weather data)		2007			2006			2007			2006
Utility Gross Margin
Operating revenues		$	134,390		$	109,108		$	1,005,588		$	1,138,774
Less:
Gas purchases			98,478			77,406			687,201			847,276
Energy and other taxes			5,277			4,118			56,475			52,908
Regulatory rider expense			3,778			2,719			37,605			28,587
Total Utility Gross Margin		$	26,857		$	24,865		$	224,307		$	210,003
Utility Gross Margin and Operating Income
Residential		$	16,006		$	16,174		$	152,395		$	150,135
Commercial, Industrial & Other			3,835			3,081			33,788			28,597
Firm Transportation			5,144			4,473			29,350			22,850
Total Firm Margin			24,985			23,728			215,533			201,582
Interruptible			173			261			649			1,018
Total System Margin			25,158			23,989			216,182			202,600
Off System/Capacity Management/FRM			1,699			876			8,125			7,403
TOTAL UTILITY GROSS MARGIN			26,857			24,865			224,307			210,003
Operation and maintenance expense			31,343			23,758			97,006			84,907
Depreciation and amortization			9,122			8,666			35,648			34,146
Other taxes not reflected in gross margin			878			738			3,125			2,921
OPERATING INCOME		$	(14,486	)	$	(8,297	)	$	88,528		$	88,029
Throughput (Bcf)
Residential			3.1			3.0			41.8			39.4
Commercial, Industrial & Other			0.7			0.8			9.4			10.4
Firm Transportation			0.8			0.8			8.6			7.4
Total Firm Throughput			4.6			4.6			59.8			57.2
Interruptible			3.1			3.0			6.5			7.2
Total System Throughput			7.7			7.6			66.3			64.4
Off System/Capacity Management			9.7			8.4			36.5			38.4
TOTAL THROUGHPUT			17.4			16.0			102.8			102.8
Customers
Residential			435,169			429,834			435,169			429,834
Commercial, Industrial & Other			28,916			28,914			28,916			28,914
Firm Transportation			14,104			12,874			14,104			12,874
Total Firm Customers			478,189			471,622			478,189			471,622
Interruptible			45			48			45			48
Total System Customers			478,234			471,670			478,234			471,670
Off System/Capacity Management			26			35			26			35
TOTAL CUSTOMERS			478,260			471,705			478,260			471,705
Degree Days
Actual			30			38			4,481			4,367
Normal			42			44			4,745			4,846
Percent of Normal			71.4	%		86.4	%		94.4	%		90.1	%

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NJR ENERGY SERVICES
	Three Months Ended							Twelve Months Ended
(Unaudited)	September 30,							September 30,
(Thousands, except customer)		2007			2006			2007		2006
Operating Revenues		$	454,124		$	417,447		$	1,994,682	$	2,133,540
Gas Purchases			457,874			421,543			1,903,483		2,062,513
Gross Margin			(3,750	)		(4,096	)		91,199		71,027
Operation and maintenance expense			5,401			5,983			18,521		16,415
Depreciation and amortization			53			55			214		211
Energy & Other Taxes			145			160			660		656
Operating Income		$	(9,349	)	$	(10,294	)	$	71,804	$	53,745
Net Income		$	(5,936	)	$	(7,386	)	$	40,148	$	28,113
Gas Sold and Managed (Bcf)			67.7			58.4			260.1		228.7
NJR HOME SERVICES AND OTHER
Operating Revenues			$9,030			$8,021			$28,944		$27,568
Operating Income			$3,132			$3,267			$4,977		$4,689
Net Income			$1,847			$2,435			$3,726		$3,536
Total Customers at September 30			149,765			148,370			149,765		148,370

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