Crosstex Energy Expands Barnett Shale Gathering System
July 27 2010 - 6:00AM
Business Wire
The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ:
XTEX) (the Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI)
(the Corporation), today announced the Partnership will expand its
natural gas gathering system in the Barnett Shale play in North
Texas by constructing a $25 million 15-mile pipeline project to
serve major gas producer customers. The project, which is supported
by volumetric commitments, includes a seven-mile low-pressure
pipeline, an eight-mile high-pressure pipeline and a compressor
station in southwest Tarrant County that will provide customers
with greater takeaway capacity to accommodate their transportation
requirements. The anticipated peak flow rate of the new gathering
system in 2012 is more than 100 million cubic feet per day. The
project, scheduled to be completed and operational in the
first-quarter of 2011, is expected to have throughput of
approximately 100 billion cubic feet of gas during the first four
years of operation.
“We are capitalizing on our great asset position in the heart of
the Barnett Shale where we see many opportunities for incremental
growth. We will continue to identify and invest in low-cost,
high-return projects in North Texas,” said Barry E. Davis, Crosstex
President and Chief Executive Officer. “We also are focusing on the
optimization of our core positions in the Haynesville Shale and
throughout Louisiana, as well as in the Barnett Shale, and
providing top-quality, cost-effective services for all our
customers.”
About the Crosstex Energy
Companies
Crosstex Energy, L.P., a midstream natural gas company
headquartered in Dallas, operates approximately 3,300 miles of
pipeline, nine processing plants and three fractionators. The
Partnership currently provides services for 3.2 billion cubic feet
of natural gas per day, or approximately six percent of marketed
U.S. daily production.
Crosstex Energy, Inc. owns the two percent general partner
interest, a 25 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 the federal securities laws. These statements are
based on certain assumptions made by the Partnership and the
Corporation based upon management’s experience and perception of
historical trends, current conditions, expected future developments
and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are
not limited to, statements with respect to the time for completion
and production forecasts. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond
the control of the Partnership and the Corporation, which may cause
the Partnership’s and the Corporation’s actual results to differ
materially from those implied or expressed by the forward-looking
statements. These risks include, but are not limited to, risks
discussed in the Partnership’s and the Corporation’s filings with
the Securities and Exchange Commission. The Partnership and the
Corporation have no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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