Throughput Expected to Grow By More Than 100 Million Cubic Feet of Gas per Day
DALLAS, Jul 27, 2010 (BUSINESS WIRE) -- The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation), today announced the Partnership will expand its natural gas gathering system in the Barnett Shale play in North Texas by constructing a $25 million 15-mile pipeline project to serve major gas producer customers. The project, which is supported by volumetric commitments, includes a seven-mile low-pressure pipeline, an eight-mile high-pressure pipeline and a compressor station in southwest Tarrant County that will provide customers with greater takeaway capacity to accommodate their transportation requirements. The anticipated peak flow rate of the new gathering system in 2012 is more than 100 million cubic feet per day. The project, scheduled to be completed and operational in the first-quarter of 2011, is expected to have throughput of approximately 100 billion cubic feet of gas during the first four years of operation.
"We are capitalizing on our great asset position in the heart of the Barnett Shale where we see many opportunities for incremental growth. We will continue to identify and invest in low-cost, high-return projects in North Texas," said Barry E. Davis, Crosstex President and Chief Executive Officer. "We also are focusing on the optimization of our core positions in the Haynesville Shale and throughout Louisiana, as well as in the Barnett Shale, and providing top-quality, cost-effective services for all our customers."
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in Dallas, operates approximately 3,300 miles of pipeline, nine processing plants and three fractionators. The Partnership currently provides services for 3.2 billion cubic feet of natural gas per day, or approximately six percent of marketed U.S. daily production.
Crosstex Energy, Inc. owns the two percent general partner interest, a 25 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 the federal securities laws. These statements are based on certain assumptions made by the Partnership and the Corporation based upon management's experience and perception of historical trends, current conditions, expected future developments and other factors the Partnership and the Corporation believe are appropriate in the circumstances.These statements include, but are not limited to, statements with respect to the time for completion and production forecasts.Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership and the Corporation, which may cause the Partnership's and the Corporation's actual results to differ materially from those implied or expressed by the forward-looking statements.These risks include, but are not limited to, risks discussed in the Partnership's and the Corporation's filings with the Securities and Exchange Commission.The Partnership and the Corporation have no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: Crosstex Energy
Meggan Stall, 214-721-9487
Public Relations Specialist