DALLAS--(BUSINESS WIRE)--Oct. 26, 2006--Crosstex Energy, Inc.
(Nasdaq:XTXI) announced today that its stockholders have approved an
amendment to the corporation's Restated Certificate of Incorporation
that will increase Crosstex's authorized number of shares of capital
stock from 20 million shares, consisting of 19 million shares of
common stock and 1 million shares of preferred stock, to 150 million
shares, consisting of 140 million shares of common stock and 10
million shares of preferred stock. The approval was obtained at the
corporation's special meeting of stockholders held today.
The corporation currently plans to use a number of the additional
shares of common stock to effect a 3-for-1 stock split, subject to
favorable market conditions. The Board of Directors intends to set a
date for the 3-for-1 stock split after the previously announced
quarterly dividend is paid on November 15, 2006.
The corporation currently has no other plans to use the additional
shares, although they will be available to use for other corporate
Crosstex stockholders also approved the corporation's Amended and
Restated Long-Term Incentive Plan at the special meeting.
About the Crosstex Energy Companies
Crosstex Energy, L.P. (Nasdaq:XTEX), a midstream natural gas
company headquartered in Dallas, operates over 5,000 miles of
pipeline, 12 processing plants, four fractionators, and approximately
168 natural gas amine-treating plants in service and 37 dew point
control plants. Crosstex currently provides services for over 3.0
Bcf/day of natural gas, or approximately 6.0 percent of marketed U.S.
daily production based on August 2006 Department of Energy data.
Crosstex Energy, Inc. owns the two percent general partner
interest, a 42 percent limited partner interest, and the incentive
distribution rights of Crosstex Energy, L.P.
Additional information about the Crosstex companies can be found
In this news release, statements are based on currently available
information and assumptions and expectations that the corporation
believes are reasonable. However, the corporation's assumptions and
expectations are subject to a wide range of business risks and
uncertainties as discussed from time to time in the corporation's
filings with the Securities and Exchange Commission. The corporation
has no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
CONTACT: Crosstex Energy, L.P.
Crystal C. Bell, 214-721-9407
Investor Relations Specialist
Jill McMillan, 214-721-9271
Public Relations Specialist
SOURCE: Crosstex Energy, L.P.