DALLAS, Nov 01, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Crosstex Energy, L.P.
(Nasdaq: XTEX) (the Partnership) announced today that, through its wholly-
owned subsidiary Crosstex Energy Service, L.P., the company has completed the
previously-announced acquisition of the El Paso Corporation's (NYSE: EP)
processing and liquids business in South Louisiana for $486.4 million.
"These assets have been operated by a great group of employees, and we
welcome them as our new teammates in South Louisiana and in our new Houston
office," said Barry E. Davis, President and Chief Executive Officer of
Crosstex Energy. "We expect a smooth integration with our existing South
Louisiana assets, and expect to be able to capitalize on synergies almost
The acquired assets include 2.0 billion cubic feet per day (Bcf/d) of
processing capacity, 66,000 barrels per day of fractionation capacity,
2.4 million barrels of underground storage, and approximately 450 miles of
liquids transport lines. The assets provide Crosstex with the opportunity to
participate in the growing development of deepwater Gulf of Mexico reserves.
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in
Dallas, operates approximately 5,000 miles of pipeline, nine processing
plants, four fractionators and over 100 natural gas amine treating plants.
Crosstex Energy, Inc. (Nasdaq: XTXI) owns the two percent general partner
interest, a 44 percent limited partner interest, and the incentive
distribution rights of Crosstex Energy, L.P.
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
27E of the Securities Exchange Act of 1934, as amended. All statements other
than historical facts included herein, including statements regarding the
anticipated synergies, constitute forward-looking statements. Although the
Partnership 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.
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, L.P.
Barry E. Davis, President and Chief Executive Officer, or William W. Davis, Executive
V.P. and Chief Financial Officer, both of Crosstex Energy, L.P., +1-214-953-9500