|Crosstex Energy Acquires Vanderbilt Pipeline System|
|DALLAS, Dec. 19 /PRNewswire-FirstCall/ -- Crosstex Energy, L.P. (Nasdaq: XTEX - News) today announced that it has closed the acquisition of the Vanderbilt System from Devon Energy Corporation. The Vanderbilt System consists of over 200 miles of gathering and transmission pipelines, including 105 miles of 14 inch mainline, gathering rich natural gas south and west of Houston, Texas.
"This transaction continues our growth strategy in the Texas Gulf Coast area," said Barry Davis, President and Chief Executive Officer of Crosstex. "We now have a major footprint in the area, with approximately 1,500 miles of pipeline and gathering systems from Corpus Christi to Houston."
The Vanderbilt System starts near Lavaca Bay in Jackson County, Texas, and proceeds northwest through Wharton and Fort Bend counties, terminating near the Exxon Katy Plant in Waller County. The system gathers about 35 MMcf/day of rich gas and delivers it to the Exxon Katy Plant for processing. Crosstex intends to pursue gas supply efforts in the area in order to provide additional rich gas service to producers in the region.
Crosstex Energy, L.P., a mid-stream natural gas company, operates over 1,700 miles of pipeline, two processing plants, and 49 natural gas treating plants. Crosstex currently provides services for over 700 MMBtu/day of natural gas. According to the Mastio & Co. 2002 Producer Purchaser Survey, gas producers ranked Crosstex as the number one provider of midstream services. Crosstex Energy, L.P.'s principal executive offices are located at 2501 Cedar Springs, Suite 600, Dallas, Texas, 75201, and its telephone number is 214-953-9500. Additional information about Crosstex can be found at www.crosstexenergy.com .
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 or incorporated herein may 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. |