EXHIBIT 99.1
FOR IMMEDIATE RELEASE
SEPTEMBER 20, 2006
SEPTEMBER 20, 2006
CROSSTEX ENERGY, L.P. ANNOUNCES FINANCIAL RESTATEMENT
DALLAS, September 20, 2006 -— Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) announced
today that its management and the Audit Committee of the Board of Directors of Crosstex Energy GP,
LLC have concluded that the Partnership should restate previously issued interim (unaudited)
financial statements for the quarters ended March 31, 2006 and June 30, 2006 due to a clerical
accounting error made in the first quarter of 2006. The net effect of the required adjustment due
to the error reduces the Partnership’s net income for the three months ended March 31, 2006 and the
six months ended June 30, 2006 by approximately $0.9 million. Partners’ equity is reduced by the
same amount, and current liabilities are increased by the same amount.
Management of the Partnership has determined that the Partnership purchased natural gas from a
supplier on newly acquired gas processing assets in south Louisiana that was not accrued in the
first quarter of 2006 due to a clerical error. The error occurred shortly after the acquisition of
the south Louisiana assets from El Paso Corporation in November 2005 and during a period when the
Partnership was upgrading and transitioning to new accounting systems for the acquired assets.
Since the first quarter of 2006, the Partnership has implemented accounting system improvements and
conducted additional training of new personnel. Also, the Partnership will implement additional
accounting controls beginning in the third quarter of 2006 to specifically address the error.
The Partnership’s consolidated statements of operations and consolidated balance sheets as of and
for the three months ended March 31, 2006 and as of and for the three and six months ended June 30,
2006 should no longer be relied upon. The Partnership will file amendments to its Quarterly Reports
on Form 10-Q for the quarters ended March 31, 2006 and June 30, 2006 in the near term.