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|Crosstex Energy, Inc. |
Trades on the NASDAQ Exchange under the symbol XTXI.
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|Crosstex Energy Services, Inc. Acquires Arkoma Gas Gathering System From Western Gas Resources, Inc.|
|For Immediate Release |
Date: September 6, 2000
Contact: Barry E. Davis, President and Chief Executive Officer
Crosstex Energy Services, Inc. acquires Arkoma Gas Gathering System from Western Gas Resources, Inc.
Dallas, Texas, September 6, 2000 – Crosstex Energy Services, Inc. today announced the acquisition of Western Gas Resources, Inc.'s extensive natural gas gathering and compression assets located in the Arkoma Basin of Oklahoma. The 74-mile system gathers gas from in excess of 110 wells and provides compression services into Reliant Energy Gas Transmission's mainline. .
“ The purchase of the Arkoma System is an excellent opportunity to expand into Oklahoma as is a new core area for Crosstex. The service of providing low-pressure gathering to producers in the Mid-Continent region has tremendous growth potential. This acquisition is consistent with our strategy to broaden our core operating areas to include the Mid-Continent region. .
In May of this year we closed on a transaction to bring in Yorktown Energy Partners IV, LP, a $400 million New York based private equity energy fund as a financial partner. This transaction is part of an aggressive growth strategy being pursued with the new funding,” said Barry Davis, President and Chief Executive Officer of Crosstex. .
Crosstex has emerged as one of a few independent midstream natural gas companies among the giants created by the “mega-mergers” in the industry. Since 1992, Crosstex has created a grass roots energy services company by providing natural gas gathering, treating, processing, compression, and natural gas and crude oil marketing services to independent oil & gas producers. .
Managed by Yorktown Partners LLC, Yorktown Energy Partners IV, LP, is a private equity energy fund.