DALLAS--(BUSINESS WIRE)--Sept. 3, 2003--Crosstex Energy, L.P.
(NasdaqNM:XTEX), a Texas-based midstream natural gas company, today
announced that it has priced its offering of 1.5 million newly issued
common units at a price of $35.97 per unit. The common units represent
a limited partner interest in Crosstex. Net proceeds from this
offering will be used to repay a portion of the borrowings incurred in
connection with recent acquisitions and capital projects, including
the recent acquisition of assets from Duke Energy Field Services, L.P.
A.G. Edwards & Sons Inc. acted as lead manager and Raymond James
and RBC Capital Markets acted as co-managers. Crosstex has granted the
underwriters a 30-day option to purchase up to 225,000 additional
units to cover over-allotments, if any.
Crosstex Energy, L.P., a mid-stream natural gas company
headquartered in Dallas, operates approximately 2,500 miles of
pipeline, three processing plants and approximately 40 natural gas
amine treating plants. Crosstex currently provides services for over
1,000,000 MMBtu/day of natural gas.
This news release contains forward-looking statements, which are
statements that are not historical in nature such as our plan to repay
borrowings with the proceeds from the offering. Forward-looking
statements are subject to certain risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties
materialize, or any underlying assumption proves incorrect, actual
results may vary materially from those anticipated, estimated or
projected. Among the key factors that could cause actual results to
differ materially from those referred to in the forward-looking
statements, are: (1) the amount of natural gas transported in our
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 our 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) our credit risk
management efforts may fail to adequately protect against customer
nonpayment; and (6) we may not adequately address construction and
operating risks. These and other risks and assumptions are described
in the prospectus relating to the offering and other reports that are
available from the United States Securities and Exchange Commission.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy the common units, which is being made
only pursuant to the prospectus relating to the offering. Copies of
the final prospectus relating to this offering may be obtained from
the offices of A.G. Edwards & Sons Inc., One North Jefferson Avenue,
St. Louis, Missouri 63103.
CONTACT: Crosstex Energy, Dallas
Barry E. Davis, 214-953-9500
William W. Davis, 214-953-9500
SOURCE: Crosstex Energy