DALLAS, Nov 14, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Crosstex Energy, L.P.
(Nasdaq: XTEX) (the Partnership) and Crosstex Energy, Inc. (Nasdaq: XTXI) (the
Corporation) announced that Stephen A. Wells has informed the Board of
Directors of both the Corporation and of Crosstex Energy GP, LLC (the general
partner of Crosstex Energy GP, L.P., the general partner of the Partnership)
that he will be leaving each Board, effective December 31, 2005, to fulfill
other personal and professional obligations. The Board and Management would
like to thank Steve for his service over the past three years.
"We have a deep appreciation for Steve and his contribution to Crosstex,"
said Barry E. Davis, President and Chief Executive Officer. "Steve has been
with us since the Partnership went public in December of 2002 and the
Corporation in January of 2004, and during that time the value of the
Partnership's units has risen over 350 percent and the Corporation's shares
over 325 percent. It has been an exciting time and Steve has been an
important member of our team."
Both the Partnership and the Corporation expect to announce the addition
of new members to their Boards in the near future.
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 111 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. 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
21E of the Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts included herein 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.; Crosstex Energy, Inc.
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