Print Page  Close Window

Press Release
Printer Friendly Version View printer-friendly version
<< Back
Crosstex Energy, Inc. Announces Distribution By Yorktown

DALLAS, May 20 /PRNewswire-FirstCall/ -- Crosstex Energy, Inc. (Nasdaq: XTXI) (the Corporation) today announced that it has been advised by Yorktown Energy Partners IV, L.P. and Yorktown Energy Partners V, L.P. (collectively referred to as the "Yorktown Partnerships"), early investors in Crosstex Energy, Inc., that these entities have distributed approximately 727 thousand shares of the Corporation's common stock to their limited and general partners, effective May 19, 2005, in accordance with the terms of their respective partnership agreements. After the distributions, the Yorktown Partnerships will collectively hold approximately 4.4 million shares of the Corporation's common stock.

The Yorktown Partnerships have informed the Corporation that they have not made any determination as to the disposition of the remaining stock that they hold and that the shares that have been distributed can be immediately resold. The Corporation has also been 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.

"With this distribution, the public float of the Corporation's stock has increased to approximately six million shares, more than double its level prior to November of 2004. Distributions such as this will continue to improve the liquidity available to investors in the Corporation," said Barry E. Davis, President and Chief Executive Officer of Crosstex. "We also are gratified by the continued support of the principals of the Yorktown general partners, as they intend to continue to hold the shares they receive in the distribution."

Shares of the Corporation currently receive a dividend of $0.41 per quarter, which is up by 37 percent from the rate it indicated in its initial public offering (IPO) in January of last year. Units of Crosstex Energy, L.P. (Nasdaq: XTEX) currently receive a distribution of $0.46 per quarter, which has been increased by 84 percent since its IPO in December 2002.

About the Crosstex Energy Companies

Crosstex Energy, L.P., a mid-stream natural gas company headquartered in Dallas, operates over 4,500 miles of pipeline, five processing plants, approximately 90 natural gas amine treating plants and 19 dew point suppression plants. Crosstex currently provides services for approximately 1.9 BCF/day of natural gas.

Crosstex Energy Inc. owns the general partner, a 54 percent limited partner interest and the incentive distribution rights of Crosstex Energy, L.P.

Additional information about the Crosstex companies can be found at http://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 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 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, Inc.
    -0-                             05/20/2005
    /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 /
    (XTXI XTEX)

CO:  Crosstex Energy, Inc.; Crosstex Energy, L.P.; Yorktown Energy Partners
     IV, L.P.; Yorktown Energy Partners V, L.P.
ST:  Texas
IN:  OIL
SU:

CJ-AP
-- DAF020 --
4032 05/20/2005 07:33 EDT http://www.prnewswire.com