DALLAS--(BUSINESS WIRE)--April 1, 2004--Crosstex Energy, L.P.
(NasdaqNM:XTEX), a Texas-based midstream natural gas company, today
announced that, through its wholly owned subsidiary Crosstex Louisiana
Energy, L.P., the company has completed the previously-announced
acquisition of the LIG Pipeline Company and its subsidiaries (LIG
Inc., Louisiana Intrastate Gas Company, L.L.C., LIG Chemical Company,
LIG Liquids Company, L.L.C. and Tuscaloosa Pipeline Company) from
American Electric Power (NYSE:AEP) for $76.2 million.
The acquisition increases the company's assets to approximately
4,500 miles of pipeline, 1.2 billion cubic feet per day of transported
volumes and over 700 million cubic feet per day of processing
"This asset gives Crosstex a strategic presence all along the Gulf
Coast, from South Texas to Mississippi while practically doubling our
pipeline footprint," said Barry E. Davis, president and chief
executive officer of Crosstex. "We also acquired an operating team
that will be a great addition to our intellectual capital and will
help drive our growth in the Louisiana market."
LIG, which is one of the largest intrastate pipelines in the state
of Louisiana, consists of approximately 2000 miles of gas gathering
and transmission systems located in 29 parishes extending from
northwest and north-central Louisiana through the center of the state
to south and southeast Louisiana. Current on-system market of
approximately 580,000 mmbtu/d includes power plants, municipal gas
systems, and industrial markets located principally in the industrial
corridor between New Orleans and Baton Rouge. Processing plants owned
by LIG give the system the capability to handle rich and lean gas
supplies connected to the system. Connections to several
interconnected pipelines and the Jefferson Island Storage facility
provide access to additional system supply, providing significant
system management flexibility.
About the Crosstex Energy Companies
Crosstex Energy, L.P. (the Partnership), a mid-stream natural gas
company headquartered in Dallas, operates approximately 4,500 miles of
pipeline, five processing plants, and over 50 natural gas amine
treating plants. Crosstex currently provides services for over 1.5
BCF/day of natural gas.
Crosstex Energy Inc. (NasdaqNM:XTXI) owns five million limited
partner units in the Partnership, the two percent general partner
interest in the Partnership, and the Partnership's incentive
distribution rights. Additional information about Crosstex can be
found at 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 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.
CONTACT: Crosstex Energy, L.P.
Barry E. Davis or William W. Davis, Sr., 214-953-9500
SOURCE: Crosstex Energy, L.P.