DALLAS--(BUSINESS WIRE)--March 30, 2004--Crosstex Energy, L.P.
(NasdaqNM:XTEX), today announced that it has completed a two-for-one
split on its outstanding limited partnership units, effective March
29, 2004. The unit split entitles unitholders of record at the close
of business on March 16, 2004 to receive one additional limited
partnership unit for every unit held.
The units will trade on a post-split basis beginning at the
opening of trading today.
"Since our initial public offering in December 2002, the trading
price of our partnership units has increased more than 150 percent,"
stated Barry E. Davis, President and Chief Executive Officer. "We
believe that the split will make the units more accessible among a
broader range of investors and improve the overall market liquidity
for our units."
Upon completion of the unit split, the total number of limited
partnership units outstanding is approximately 18.1 million, based on
the number of units outstanding as of March 30, 2004.
About the Crosstex Energy Companies
Crosstex Energy, L.P. (the Partnership), a mid-stream natural gas
company headquartered in Dallas, operates over 2,500 miles of
pipeline, three processing plants, and over 50 natural gas amine
treating plants. Crosstex currently provides services for more than
one BCF/day of natural gas.
Crosstex Energy, Inc. (NasdaqNM:XTXI) owns five million limited
partner units in the Partnership, the two percent general partner
interest in the Partnership, and the Partnership's incentive
distribution rights. Additional information about Crosstex can be
found at www.crosstexenergy.com.
This press release contains forward-looking statements identified
by the use of words such as "forecast," "anticipate" and "estimate."
These statements are based on currently available information and
assumptions and expectations that Crosstex Energy believes are
reasonable. However, Crosstex Energy's assumptions and expectations
are subject to a wide range of business risks, so it can give no
assurance that actual performance will fall within the forecast
ranges. Among the key risks that may bear directly on the
Partnership's and the Corporation's results of operation and financial
condition are: (1) the amount of natural gas transported in the
Partnership's gathering and transmission lines may decline as a result
of competition for supplies, reserve declines and reduction in demand
from key customers and markets; (2) the level of the Partnership's
processing and treating operations may decline for similar reasons;
(3) fluctuations in natural gas and NGL prices may occur due to
weather and other natural and economic forces; (4) there may be a
failure to successfully integrate new acquisitions; (5) the
Partnership's credit risk management efforts may fail to adequately
protect against customer nonpayment; and (6) the Partnership may not
adequately address construction and operating risks. Crosstex Energy
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., Dallas
Barry E. Davis, 214-953-9500
William W. Davis, 214-953-9500
SOURCE: Crosstex Energy, L.P.