EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
January 3, 2008
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Investor Contact: |
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Crystal C. Bell, Investor Relations Specialist Phone: (214) 721-9407
Chris.Bell@CrosstexEnergy.com |
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Media Contact: |
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Jill McMillan, Manager of Public & Industry Affairs
Phone: (214) 721-9271
Jill.McMillan@CrosstexEnergy.com |
CROSSTEX ENERGY APPOINTS LELDON E. ECHOLS TO BOARD OF DIRECTORS
Board Member Frank M. Burke Jr. Retires
DALLAS, January 3, 2008 Crosstex Energy, L.P. (NASDAQ:XTEX) (the Partnership) and Crosstex
Energy Inc. (NASDAQ:XTXI) (the Corporation) announced today that Leldon (Lel) E. Echols will join
the Board of Directors of Crosstex Energy GP, LLC (the general partner of Crosstex Energy GP, L.P.,
the general partner of the Partnership) and the Board of Directors of the Corporation to fill the
vacancies created by Frank M. Burke Jr., who announced his retirement in 2007.
Burke began his board service with the Crosstex companies in 2003 and has served as chairman of the
Audit Committees of both companies. A noted author on energy taxation and financial reporting for
energy companies, he led the companies development of financial reporting and audit practices
during times of significant growth and change.
I am honored to have had the opportunity to work with Frank, said Barry E. Davis, Crosstex
President and Chief Executive Officer. His leadership, integrity and contributions helped
establish our strong foundation for growth. Frank has been a tremendous asset and truly sets the
right tone at the top that is essential for young companies like Crosstex. We will miss Frank and
what he brought to our boards.
However, we are excited about Lel Echols joining our organization. We welcome his accounting,
audit and management expertise and counsel as we continue our rapid growth. I am confident Lel will
make a valuable contribution to the implementation of our business strategy and our continued
success, Davis added.
Echols brings 30 years of financial and business experience to Crosstex. After 20 years with
accounting and consulting firm Arthur Andersen LLP, which included serving as managing partner of
the firms audit and business advisory practice in North Texas, Colorado and Oklahoma, Echols spent
-more-
Crosstex Energy Appoints Leldon E. Echols to Board of Directors
Page 2 of 2
six years with Centex Corporation as executive vice president and chief financial officer. He
retired from Centex Corporation in June 2006. Since then, he has continued to serve on company
boards, managed private investments, and pursued public service and charitable endeavors. Echols is
a member of the boards of directors of another publicly traded company, Trinity Industries, Inc.
(NYSE:TRN), and two private companies, Roofing Supply Group Holdings, Inc. and Colemont
Corporation. He also served on the board of TXU Corp. (NYSE:TXU) where he chaired the Audit
Committee and was a member of the Strategic Transactions Committee until the closing of the
recently completed private equity buyout of TXU.
Echols is active in the Dallas community. He is a board member of the Dallas area chapter of the
American Red Cross, United Way of Metropolitan Dallas, Circle Ten Council of the Boy Scouts of
America and Baylor Health Care System Foundation. He earned a bachelor of science degree in
accounting from Arkansas State University and is a Certified Public Accountant. He is a member of
the American Institute of Certified Public Accountants and the Texas Society of CPAs.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in Dallas, operates over 5,000
miles of pipeline, 13 processing plants, four fractionators, and approximately 200 natural gas
amine-treating plants and dew point control plants. Crosstex currently provides services for over
3.5 Bcf/day of natural gas, or approximately 7.0 percent of marketed U.S. daily production.
Crosstex Energy, Inc. owns the two percent general partner interest, a 38 percent limited partner
interest, and the incentive distribution rights of Crosstex Energy, L.P.
Additional
information about the Crosstex companies can be found at
www.crosstexenergy.com.
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