DALLAS, Nov. 30 /PRNewswire-FirstCall/ -- Crosstex Energy, Inc.
(Nasdaq: XTXI) today announced that it was advised by Yorktown Energy Partners
IV, L.P. and Yorktown Energy Partners V, L.P., early investors in Crosstex
Energy, Inc., that these entities have distributed an aggregate of
727,475 shares of Crosstex common stock to their limited and general partners,
effective November 29, 2004, in accordance with the terms of their respective
partnership agreements. After the distributions, Yorktown Energy Partners IV,
L.P. and Yorktown Energy Partners V, L.P. collectively hold approximately
6.5 million shares of Crosstex common stock. Crosstex Energy, Inc. has been
informed by Yorktown Energy Partners IV, L.P. and Yorktown Energy Partners V,
L.P. that they have not made any determination as to the disposition of the
remaining Crosstex stock held by either partnership.
Yorktown Energy Partners IV, L.P. and Yorktown Energy Partners V, L.P.
have also informed Crosstex Energy, Inc. that the shares distributed can be
immediately resold. Crosstex was 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.
"While we do not know Yorktown's ultimate strategy to realize the value of
their Crosstex investment for their partners, we expect that over time
distributions such as this will improve the liquidity available to investors
in Crosstex Energy, Inc.," said Barry E. Davis, President and Chief Executive
Officer of Crosstex. "In addition, we are gratified that our long-time
investors, the principals of the Yorktown general partners, intend to hold
their investment in the company."
Shares of Crosstex Energy, Inc. currently receive a dividend of $0.35 per
quarter, which is up by 17 percent from the rate it indicated in its initial
public offering (IPO) in January of this year. Units of Crosstex Energy, L.P.
(Nasdaq: XTEX) currently receive a distribution of $0.43 per quarter, which
has been increased by 72 percent since its IPO in December 2002.
About the Crosstex Energy Companies
Crosstex Energy Inc. owns the general partner, a 54.3 percent limited
partner interest and the incentive distribution rights of Crosstex Energy,
Crosstex Energy, L.P., a midstream natural gas company headquartered in
Dallas, operates over 4,500 miles of pipeline, five processing plants and over
60 natural gas amine treating plants. Crosstex currently provides services
for over 1.5 BCF/day of natural gas.
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.; Yorktown Energy Partners IV, L.P.; Yorktown Energy
Partners V, L.P.; Crosstex Energy, L.P.
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