DALLAS, Jan. 10 /PRNewswire-FirstCall/ -- Crosstex Energy, L.P.
(Nasdaq: XTEX) (the Partnership) announced it has agreed to purchase the U.S.
amine treating rental assets of Hanover Compression Limited Partnership, a
subsidiary of Hanover Compressor Company (NYSE: HC), for approximately
$52 million. The purchase will add 48 plants to the Partnership's treating
"Thirty-two of the treating plants we are buying are in operation adding
about 20 new customers, and the other 16 are ready for refurbishment and will
be available to meet our customers treating needs," said Barry E. Davis,
President and Chief Executive Officer. "This purchase complements our
coverage of the amine treating rental market, and will allow us to expand our
service capabilities to all our Treating customers by providing a larger
treating plant fleet with more inventory to better target their needs."
The transaction, which has been approved by the Board of Directors of both
Hanover and Crosstex, is expected to be completed in February and is subject
to customary due diligence.
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in
Dallas, operates over 5,000 miles of pipeline, nine processing plants, four
fractionators, and approximately 115 natural gas amine treating plants.
Crosstex currently provides services for approximately 2.6 Bcf/day of natural
gas, or approximately 4.9 percent of marketed U.S. daily production based on
August 2005 Department of Energy data.
Crosstex Energy, Inc. (Nasdaq: XTXI) owns the two percent general partner
interest, a 37 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
21E of the Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts included herein, including statements
regarding the company's opportunities for growth, 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.
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.
/CONTACT: 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/
/Web site: http://www.crosstexenergy.com /
(XTEX HC XTXI)
CO: Crosstex Energy, L.P.; Hanover Compression Limited Partnership; Hanover
Compressor Company; Crosstex Energy, Inc.
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6919 01/10/2006 09:30 EST http://www.prnewswire.com