DALLAS, May 20 /PRNewswire-FirstCall/ -- Crosstex Energy, Inc.
(Nasdaq: XTXI) (the Corporation) today announced that it has been advised by
Yorktown Energy Partners IV, L.P. and Yorktown Energy Partners V, L.P.
(collectively referred to as the "Yorktown Partnerships"), early investors in
Crosstex Energy, Inc., that these entities have distributed approximately
727 thousand shares of the Corporation's common stock to their limited and
general partners, effective May 19, 2005, in accordance with the terms of
their respective partnership agreements. After the distributions, the
Yorktown Partnerships will collectively hold approximately 4.4 million shares
of the Corporation's common stock.
The Yorktown Partnerships have informed the Corporation that they have not
made any determination as to the disposition of the remaining stock that they
hold and that the shares that have been distributed can be immediately resold.
The Corporation has also been advised by the principals of the general
partners of the Yorktown Partnerships that they intend to retain the shares
received in the distribution for the foreseeable future.
"With this distribution, the public float of the Corporation's stock has
increased to approximately six million shares, more than double its level
prior to November of 2004. Distributions such as this will continue to
improve the liquidity available to investors in the Corporation," said Barry
E. Davis, President and Chief Executive Officer of Crosstex. "We also are
gratified by the continued support of the principals of the Yorktown general
partners, as they intend to continue to hold the shares they receive in the
Shares of the Corporation currently receive a dividend of $0.41 per
quarter, which is up by 37 percent from the rate it indicated in its initial
public offering (IPO) in January of last year. Units of Crosstex Energy, L.P.
(Nasdaq: XTEX) currently receive a distribution of $0.46 per quarter, which
has been increased by 84 percent since its IPO in December 2002.
About the Crosstex Energy Companies
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. owns the general partner, a 54 percent limited
partner interest and the incentive distribution rights of Crosstex Energy,
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 future liquidity available to investors in Crosstex Energy,
Inc., constitute forward-looking statements. Although Crosstex Energy, Inc.
believes that the expectations reflected in the forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to be
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, Inc.
/CONTACT: Barry E. Davis, President and Chief Executive Officer, or
William W. Davis, Executive V.P. and Chief Financial Officer, both of Crosstex
Energy, Inc., +1-214-953-9500/
/Web site: http://www.crosstexenergy.com /
CO: Crosstex Energy, Inc.; Crosstex Energy, L.P.; Yorktown Energy Partners
IV, L.P.; Yorktown Energy Partners V, L.P.
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