Feb 02, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Crosstex Energy, L.P.
(Nasdaq: XTEX) (the Partnership) announced it has completed the previously-
announced purchase of the U.S. amine treating rental assets from Hanover
Compression Limited Partnership, a subsidiary of Hanover Compressor Company
(NYSE: HC), for approximately $51.5 million. The acquired assets include
"The employees at Hanover have built a thriving niche in this market, and
we are excited to bring them into the Crosstex fold," said Barry E. Davis,
President and Chief Executive Officer of Crosstex Energy. "We believe the
growth opportunities for our Treating services are strong, and we look forward
to working with our expanded team in pursuing them."
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 150 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. (Nasdaq: XTXI) owns the two percent general partner
interest, a 37 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, including statements
regarding the company's opportunities for growth, 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.
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