|Crosstex Energy Announces Over-Allotment and Close of Offering; Election Of Board Members|
|DALLAS, Dec. 17 /PRNewswire-FirstCall/ -- Crosstex Energy, L.P. (Nasdaq: XTEX - News) announced that earlier today it closed its initial public offering of common units that priced last Wednesday at $20 per unit. The company has also sold an additional 300,000 units representing the total over-allotment option granted to the underwriters as part of the public offering. The sale brings the total number of limited partner units outstanding to 7.3 million. |
In conjunction with the closing, the Company has elected as outside directors C. Roland Haden, vice chancellor of the Texas A&M System; Sheldon B. Lubar, chairman and co-founder of Lubar & Co., a private investment and venture capital firm; Robert F. Murchison, president and founder of Murchison Capital Partners, L.P., a private equity investment partnership; and Stephen A. Wells, president and founder of Wells Resources, Inc., a private oil, gas and ranching company.
"The industry and corporate board expertise combined with the entrepreneurial spirit embodied by our Board members will prove invaluable in directing Crosstex into the future," stated Barry Davis, president and chief executive officer of Crosstex. "We are very fortunate to have the leadership of these individuals, who have all been involved in running significant companies in the past, to guide our company." The company's six-member board includes Davis, Bryan H. Lawrence of Yorktown Energy Partners, and the four outside directors named above. The company expects to add a fifth outside director within the next 90 days.
Crosstex Energy, L.P., a mid-stream natural gas company, operates over 1,500 miles of pipeline, two processing plants, and 49 natural gas treating plants. Crosstex currently provides services for over 700 MMBtu/day of natural gas. According to the Mastio & Co. 2002 Producer Purchaser Survey, gas producers ranked Crosstex as the number one provider of midstream services. Crosstex Energy, L.P.'s principal executive offices are located at 2501 Cedar Springs, Suite 600, Dallas, Texas, 75201, and its telephone number is 214-953-9500. Additional information about Crosstex can be found at www.crosstexenergy.com .
This press release is not an offer to sell, nor the solicitation of an offer to buy, any securities. Any offer will be made by means of a prospectus. A copy of the prospectus can be obtained from A.G. Edwards & Sons at: One North Jefferson, St. Louis, Missouri, 63103, telephone number 314-955-3000.
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 or incorporated herein may 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.