Crestwood Holdings Completes Acquisition of Inergy, L.P. General Partner and Contributes General Partner of Crestwood Midstream

 Crestwood Holdings Completes Acquisition of Inergy, L.P. General Partner and
Contributes General Partner of Crestwood Midstream Partners LP to Inergy, L.P.

Final MLP Merger Expected to be Completed in Third Quarter 2013

PR Newswire

HOUSTON and KANSAS CITY, Mo., June 19, 2013

HOUSTON and KANSAS CITY, Mo., June 19, 2013 /PRNewswire/ --Crestwood
Midstream Partners LP (NYSE: CMLP) ("Crestwood Midstream") and Crestwood
Holdings LLC ("Crestwood Holdings") (collectively, "Crestwood") and Inergy,
L.P. (NYSE:NRGY) and Inergy Midstream, L.P. (NYSE:NRGM) ("Inergy Midstream")
(collectively, "Inergy") today announced that, Crestwood Holdings has acquired
the general partner, and thus control, of Inergy, L.P. Additionally,
Crestwood Gas Services Holdings LLC, a wholly owned subsidiary of Crestwood
Holdings, contributed 100% of its interest in Crestwood Gas Services GP LLC,
the general partner of Crestwood Midstream that also owns 100% of the
incentive distribution rights of Crestwood Midstream Partners LP, for common
units and subordinated units in Inergy, L.P. These transactions are part of
the previously announced definitive agreements to create a fully integrated
midstream partnership with a total enterprise value of approximately $7
billion. The final transaction to complete the proposed combination, the
merger of Crestwood Midstream with Inergy Midstream, is expected to occur in
the third quarter of 2013.

The combination of Crestwood and Inergy will create a fully integrated
midstream MLP linking new shale-based energy supplies with growing energy
demand across the midstream value chain. The company will have a diverse
platform of midstream assets providing broad-ranging services, from gathering
and processing to storage and sales, in the premier shale plays in North
America, including the Marcellus Shale, Bakken Shale, Eagle Ford Shale,
Permian Basin, Powder River Basin, Niobrara Shale, Utica Shale, Barnett Shale,
Fayetteville Shale, Granite Wash, Haynesville Shale and Monterey Shale.

In addition, and as outlined in prior announcements, Robert G. Phillips,
current Chairman, President and Chief Executive Officer of Crestwood
Midstream, has been named Chairman, President and Chief Executive Officer of
the general partners of Inergy, L.P. and Inergy Midstream, effective
immediately. Prior Inergy Chairman and Chief Executive Officer, John J.
Sherman, and President, R. Brooks Sherman, Jr., have stepped down from
day-to-day management roles; however, John J. Sherman will continue to serve
on the Boards of Directors of the general partners of Inergy, L.P. and Inergy
Midstream. Until the completion of the merger, both Crestwood Midstream and
Inergy Midstream will continue to operate as separate, independent companies
under the leadership of Mr. Phillips.

"This is an important first step forward in the process of combining our two
companies to create a fully integrated midstream partnership with the size and
scale required by our industry to compete for the largest midstream
infrastructure projects," Mr. Phillips said. "Together, we will be able to
capitalize on new growth opportunities stemming from our ability to offer a
more comprehensive and competitive suite of customer services that expand
margins and enhance returns on investment. The improved visibility to growth
will be a key benefit of the transaction for our investors. With the general
partners now consolidated, prior to the merger we will be focusing on an
efficient integration of our assets and organizations to leverage our diverse
midstream operating platform by providing 'best-in–class' customer services
in the premier shale plays across North America."

Governance Details

In addition to Mr. Phillips, Michael G. France, Managing Director at First
Reserve and Managing Member of Crestwood Holdings, has been named to the
Boards of Directors of the general partners of Inergy, L.P. and Inergy
Midstream. In connection with today's transactions, Phillip L. Elbert has
stepped down from the Board of Directors of the general partner of Inergy,
L.P., effective immediately. Prior to completion of the merger, Crestwood
Holdings and Inergy, L.P. will designate three additional directors to each of
the respective Boards of Directors of the general partners of Inergy, L.P. and
Inergy Midstream.

Upon final completion of the combination, the new partnership will be
headquartered in Houston, Texas with executive offices in Kansas City,
Missouri and Fort Worth, Texas. The executive management team, which is
expected to include senior executives from both companies, will be announced
prior to completion of the merger.

Transaction Details

As previously announced, the combination of Inergy and Crestwood will be
effected through a series of transactions. In the first transaction, which
closed today, Crestwood Holdings has acquired the general partner of Inergy,
L.P. for $80 million in cash. Prior to the closing of this transaction,
Inergy, L.P. distributed to its unitholders all of the approximately 56.4
million common units that it owned in Inergy Midstream. Upon closing of this
transaction, Crestwood Holdings owns the general partner, and thus control, of
Inergy, L.P.

In a second transaction, which also closed today immediately after the first
transaction, Crestwood Gas Services Holdings LLC, a wholly owned subsidiary of
Crestwood Holdings, contributed to Inergy, L.P. 100% of its interest in
Crestwood Gas Services GP LLC, the general partner of Crestwood Midstream that
also owns 100% of the incentive distribution rights of Crestwood Midstream, in
exchange for approximately 35.1 million common units and approximately 4.4
million subordinated units of Inergy, L.P. Crestwood Holdings has also
entered into an agreement that provides that it will have the option to
contribute to Inergy, L.P. approximately 7.1 million of the Inergy Midstream
common units it receives in the merger described below (or in the event the
merger agreement is terminated, approximately 6.7 million Crestwood Midstream
Units) in exchange for approximately 14.3 million common units of Inergy,
L.P., which if exercised would result in it owning approximately 29% of the
total common units of Inergy, L.P. outstanding.

In the final transaction, which is expected to close in the third calendar
quarter of 2013, Crestwood Midstream will be merged into a subsidiary of
Inergy Midstream. In the merger, Crestwood Midstream unitholders will receive
1.070 units of Inergy Midstream for each unit of Crestwood Midstream they
own. Additionally, all Crestwood Midstream public unitholders other than
Crestwood Holdings will receive a one-time cash payment at closing of $1.03
per unit. Inergy Midstream and Inergy, L.P. will continue to be listed on the
NYSE under the ticker symbols NRGM and NRGY, respectively. Until the close of
the final transaction, Crestwood Midstream will continue to be listed on the
NYSE under the ticker symbol CMLP.

The merger is conditioned on the approval of the holders of a majority of the
limited partner interests of Crestwood Midstream. Crestwood Holdings has
agreed to vote its limited partner interests in favor of the transaction.

About Crestwood Midstream Partners LP

Houston, Texas based Crestwood is a growth-oriented, midstream master limited
partnership which owns and operates predominately fee-based gathering,
processing, treating and compression assets servicing natural gas producers
in the Barnett Shale in north Texas, the Marcellus Shale in northern West
Virginia, the Fayetteville Shale in northwest Arkansas, the Granite Wash in
the Texas Panhandle, the Avalon Shale/Bone Spring in southeastern New Mexico
and the Haynesville/Bossier Shale in western Louisiana. For more information
about Crestwood, visit www.crestwoodlp.com.

About Inergy, L.P.

Inergy, L.P., headquartered in Kansas City, Missouri, is a publicly traded
master limited partnership. Inergy's operations include a natural gas storage
business in Texas and an NGL supply logistics, transportation, and marketing
business that serves customers in the United States and Canada. Through its
general partner interest in Inergy Midstream, L.P., Inergy is also engaged in
the development and operation of natural gas, NGL and crude oil storage,
transportation, and logistics businesses in the Northeast region of the United
States and in North Dakota. Inergy also owns the general partner of Crestwood
Midstream Partners LP. For more information about Inergy, L.P., visit
www.inergylp.com.

About Inergy Midstream, L.P.

Inergy Midstream, L.P., headquartered in Kansas City, Missouri, is a publicly
traded master limited partnership engaged in the development and operation of
natural gas, NGL and crude oil storage, transportation, and logistics
businesses in the Northeast region of the United States and in North Dakota.
For more information about Inergy Midstream, L.P., visit www.inergylp.com.

Additional Information and Where to Find It

This press release contains information about the proposed merger involving
Crestwood and Inergy Midstream. In connection with the proposed merger, Inergy
Midstream has filed with the SEC a preliminary registration statement on Form
S-4 that includes a proxy statement/prospectus for the unitholders of
Crestwood. Crestwood will mail the final proxy statement/prospectus to its
unitholders. INVESTORS AND UNITHOLDERS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH
THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT CRESTWOOD, INERGY MIDSTREAM, THE PROPOSED MERGER
AND RELATED MATTERS. Investors and unitholders are able to obtain free copies
of the proxy statement/prospectus and other documents filed with the SEC by
Inergy Midstream and Crestwood through the website maintained by the SEC at
www.sec.gov. In addition, investors and unitholders will be able to obtain
free copies of documents filed by Crestwood with the SEC from Crestwood's
website, www.crestwoodlp.com, under the heading "SEC Filings" in the "Investor
Relations" tab and free copies of documents filed by Inergy Midstream with the
SEC from Inergy Midstream's website, www.inergylp.com, under the heading "SEC
Filings" in the Inergy Midstream, L.P. "Investor Relations" tab.

Participants in the Solicitation

Crestwood, Inergy Midstream, Inergy, L.P. and their respective general
partner's directors and executive officers may be deemed to be participants in
the solicitation of proxies from the unitholders of Crestwood in respect of
the proposed merger transaction. Information regarding the persons who may,
under the rules of the SEC, be deemed participants in the solicitation of the
unitholders of Crestwood in connection with the proposed transaction,
including a description of their direct or indirect interests, by security
holdings or otherwise, is set forth in the proxy statement/prospectus filed
with the SEC. Information regarding Crestwood's directors and executive
officers is contained in Crestwood's Annual Report on Form 10-K for the year
ended December 31, 2012, which is filed with the SEC. Information regarding
Inergy's directors and executive officers is contained in Inergy Midstream's
Annual Report on Form 10-K for the year ended September 30, 2012, which is
filed with the SEC. Information regarding Inergy's directors and executive
officers is contained in Inergy, L.P.'s Annual Report on Form 10-K for the
year ended September 30, 2012, which is filed with the SEC. Free copies of
these documents may be obtained from the sources described above.

Forward Looking Statements

The statements in this communication regarding future events, occurrences,
circumstances, activities, performance, outcomes and results are
forward-looking statements. Although these statements reflect the current
views, assumptions and expectations of Crestwood and Inergy management, the
matters addressed herein are subject to numerous risks and uncertainties which
could cause actual activities, performance, outcomes and results to differ
materially from those indicated. Such forward-looking statements include, but
are not limited to, statements about the future financial and operating
results, objectives, expectations and intentions and other statements that are
not historical facts. Factors that could result in such differences or
otherwise materially affect Crestwood's or Inergy's financial condition,
results of operations and cash flows include, without limitation, failure to
satisfy closing conditions with respect to the merger; the risks that the
Crestwood and Inergy businesses will not be integrated successfully or may
take longer than anticipated; the possibility that expected synergies will not
be realized, or will not be realized within the expected timeframe;
fluctuations in oil, natural gas and NGL prices; the extent and success of
drilling efforts, as well as the extent and quality of natural gas volumes
produced within proximity of Crestwood or Inergy assets; failure or delays by
customers in achieving expected production in their natural gas projects;
competitive conditions in the industry and their impact on the ability of
Crestwood or Inergy to connect natural gas supplies to Crestwood or Inergy
gathering and processing assets or systems; actions or inactions taken or
non-performance by third parties, including suppliers, contractors, operators,
processors, transporters and customers; the ability of Crestwood or Inergy to
consummate acquisitions, successfully integrate the acquired businesses,
realize any cost savings and other synergies from any acquisition; changes in
the availability and cost of capital; operating hazards, natural disasters,
weather-related delays, casualty losses and other matters beyond Crestwood or
Inergy's control; timely receipt of necessary government approvals and
permits, the ability of Crestwood or Inergy to control the costs of
construction, including costs of materials, labor and right-of-way and other
factors that may impact either company's ability to complete projects within
budget and on schedule; the effects of existing and future laws and
governmental regulations, including environmental and climate change
requirements; the effects of existing and future litigation; and risks related
to the substantial indebtedness of either company, as well as other factors
disclosed in Crestwood and Inergy's filings with the U.S. Securities and
Exchange Commission. You should read filings made by Crestwood and Inergy with
the U.S. Securities and Exchange Commission, including Annual Reports on Form
10-K for the year ended December 31, 2012 and September 30, 2012,
respectively, and the most recent Quarterly Reports and Current Reports, for a
more extensive list of factors that could affect results. Crestwood and Inergy
do not assume any obligation to update these forward-looking statements.

CONTACTS

Crestwood
Mark Stockard
832-519-2207
mstockard@crestwoodlp.com

or

Joele Frank, Wilkinson Brimmer Katcher
Andy Brimmer / Michael Freitag / Jed Repko
212-355-4449

Inergy
Vince Grisell
816-842-8181
investorrelations@inergyservices.com.

SOURCE Crestwood Midstream Partners LP

Website: http://www.crestwoodlp.com