DALLAS, March 11, 2005 /PRNewswire-FirstCall via COMTEX/ -- Crosstex Energy, Inc.
(Nasdaq: XTXI) (the Corporation) today announced that it has been advised by
Yorktown Energy Partners IV, L.P. and Yorktown Energy Partners V, L.P.
(collectively referred to as the "Yorktown Partnerships"), early investors in
Crosstex Energy, Inc., that these entities have distributed an aggregate of
718,726 shares of the Corporation's common stock to their limited and general
partners, effective March 10, 2005, in accordance with the terms of their
respective partnership agreements. After the distributions, the Yorktown
Partnerships will collectively hold 5,128,843 shares of the Corporation's
common stock.
The Yorktown Partnerships have informed the Corporation that they have not
made any determination as to the disposition of the remaining stock that they
hold and that the shares that have been distributed can be immediately resold.
The Corporation has also been advised by the principals of the general
partners of the Yorktown Partnerships that they intend to retain the shares
received in the distribution for the foreseeable future.
"Over time these distributions should continue to increase the liquidity
available to investors in Crosstex Energy, Inc.," said Barry E. Davis,
President and Chief Executive Officer of Crosstex. "We also appreciate the
general partners' continuing commitment to the company through retention of
the shares they receive in the distributions. This speaks to their opinion of
our company."
Shares of the Corporation currently receive a dividend of $0.39 per
quarter, which is up by 30 percent from the rate it indicated in its initial
public offering (IPO) in January of last year. Units of Crosstex Energy, L.P.
(Nasdaq: XTEX) currently receive a distribution of $0.45 per quarter, which
has been increased by 80 percent since its IPO in December 2002.
About the Crosstex Energy Companies
Crosstex Energy, Inc. owns the general partner, a 54 percent limited
partner interest and the incentive distribution rights of Crosstex Energy,
L.P.
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in
Dallas, operates over 4,500 miles of pipeline, five processing plants, and
over 80 natural gas amine treating plants. Crosstex currently provides
services for over 1.9 BCF/day of natural gas.
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 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 future liquidity available to investors in Crosstex Energy,
Inc., constitute forward-looking statements. Although Crosstex Energy, Inc.
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, Inc.
Barry E. Davis, President and Chief Executive Officer, or William W. Davis, Executiv
V.P. and Chief Financial Officer, both of Crosstex Energy, Inc., +1-214-953-9500
http://www.prnewswire.com
