Crosstex Energy Signs Agreement with Contango to Process Gulf of Mexico Deep-Shelf Gas Production
April 29 2008 - 5:14PM
Business Wire
Crosstex Energy, L.P. (NASDAQ: XTEX) (the Partnership) today
announced an agreement with Contango Operators, Inc. to process gas
from Contango�s Mary Rose gas field discoveries that successfully
tested deep-shelf plays in the Gulf of Mexico. The gas will be
transported through an interstate natural gas pipeline to
Crosstex�s Pelican plant near Patterson, Louisiana, from Contango�s
production platform on Eugene Island Block 11. Beginning in late
April, the Pelican plant is scheduled to process up to 100 million
cubic feet of gas per day (MMcf/d) as Contango initiates production
from its Mary Rose-1 and -3 wells. As Contango develops the field,
the company expects production could increase to as much as 250
MMcf/d. Crosstex�s Pelican plant currently is processing
approximately 200 MMcf/d, and the facility has a designed capacity
to process 600 MMcf/d. �Crosstex�s assets in southern Louisiana
provide us with a large-scale gas processing presence on the Gulf
Coast. We are excited about this project and look forward to a
long-term working relationship with Contango, a deep-shelf producer
and new customer,� said Barry E. Davis, Crosstex President and
Chief Executive Officer. �Pelican is just one of several Crosstex
processing plants in Louisiana straddling segments of interstate
pipelines that gather gas produced in the Gulf of Mexico.
Consequently, we are well positioned to process offshore production
headed for markets in the upper Midwest and northeastern U.S.�
About the Crosstex Energy Companies Crosstex Energy, L.P., a
midstream natural gas company headquartered in Dallas, operates
over 5,000 miles of pipeline, 12 processing plants, four
fractionators and approximately 190 natural gas amine-treating
plants and dew-point control plants. Crosstex currently provides
services for over 3.5 billion cubic feet per day of natural gas, or
approximately seven percent of marketed U.S. daily production.
Crosstex Energy, Inc. (NASDAQ:XTXI) (the Corporation) owns the two
percent general partner interest, a 36 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. 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 constitute
forward-looking statements. Although the companies believe that the
expectations reflected in the forward-looking statements are
reasonable, they can give no assurance that such expectations will
prove to be correct.
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