DALLAS, May 11 /PRNewswire-FirstCall/ -- Crosstex Energy, L.P.
(Nasdaq: XTEX) (the Partnership) announced it has acquired Cardinal Gas
Services, a division of Dallas-based Regency Gas Services. The acquisition
will add nine gas treating plants to the Partnership's treating business
segment, further extending the Partnership's leadership position as the
largest operator of treating plants in the industry. As important, the
acquisition includes 19 operating gas processing plants, significantly
expanding the capability of the Partnership's treating segment in the rapidly
growing business of wellhead gas processing for dew point suppression. Also
included in the acquisition is a large amount of spare equipment which the
partnership plans to rapidly redeploy. Closing of the transaction occurred on
"This acquisition is a critical addition to the Crosstex treating
business, and further expands the capabilities of this rapidly growing
business segment. With this, the Graco acquisition that closed in January, and
13 new plants under contract to complete, we will have 27 new plants in
operation since the beginning of the year, up 36 percent from the 74 in
operation at the end of 2004," said Barry E. Davis, President and Chief
Executive Officer of the Crosstex Energy companies. "Most importantly, we can
now extend our service capabilities by entering the dew point suppression
business, which we believe will experience the same growth trends as amine
treating as pipelines become more stringent with quality requirements and
focus on managing the hydrocarbon dew point gas in their pipelines."
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in
Dallas, operates over 4,500 miles of pipeline, five processing plants,
approximately 90 natural gas amine treating plants and 19 dew point
suppression plants. Crosstex currently provides services for approximately
1.9 BCF/day of natural gas.
Crosstex Energy Inc. (Nasdaq: XTXI) owns the general partner, a
54 percent limited partner interest and the incentive distribution rights of
Crosstex Energy, L.P.
Additional information about the Crosstex companies can be found at
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All statements
other than statements of historical facts included herein, including
statements regarding the company's opportunities for growth, constitute
forward-looking statements. Although the company believes that the
expectations reflected in the forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to be correct.
Contact: Barry E. Davis, President and Chief Executive Officer
William W. Davis, Executive V.P. and Chief Financial Officer
Phone: (214) 953-9500
SOURCE Crosstex Energy, L.P.
/CONTACT: Barry E. Davis, President and Chief Executive Officer, or
William W. Davis, Executive V.P. and Chief Financial Officer, both of Crosstex
Energy, L.P., +1-214-953-9500/
/Web site: http://www.crosstexenergy.com /
CO: Crosstex Energy, L.P.; Cardinal Gas Services; Regency Gas Services;
Crosstex Energy Inc.
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9854 05/11/2005 14:46 EDT http://www.prnewswire.com