Crosstex Energy Announces Expiration of Hart-Scott-Rodino Waiting Period for Business Combination with Devon Energy Midstream

  Crosstex Energy Announces Expiration of Hart-Scott-Rodino Waiting Period for
  Business Combination with Devon Energy Midstream Business

Business Wire

DALLAS -- December 13, 2013

Crosstex Energy, Inc. (NASDAQ: XTXI) and Crosstex Energy, L.P. (NASDAQ: XTEX)
(collectively “Crosstex”) today announced that the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), has
expired in connection with the previously announced combination of
substantially all of the U.S. midstream assets owned by Devon Energy
Corporation (NYSE: DVN) (“Devon”) with Crosstex’s assets to form a new
midstream business. Expiration of the HSR waiting period satisfies one of the
conditions to the closing of the business combination.

The business combination is expected to close in the first quarter of 2014,
subject to certain other conditions set forth in the merger agreement and
contribution agreement, including approval by stockholders of Crosstex Energy,
Inc. and other customary closing conditions.

About the Crosstex Energy Companies

Crosstex Energy, L.P. (NASDAQ: XTEX) is an integrated midstream energy
partnership headquartered in Dallas that offers diversified, tailored customer
solutions spanning the energy value chain with services and infrastructure
that link energy production with consumption. XTEX operates approximately
3,500 miles of natural gas, natural gas liquids and oil pipelines, 10 natural
gas processing plants and four fractionators, as well as barge and rail
terminals, product storage facilities, brine disposal wells and an extensive
truck fleet. XTEX has the right platform, the right opportunities and the
right people to pursue its growth-focused business strategy.

Crosstex Energy,Inc. (NASDAQ: XTXI) owns the general partner interest, the
incentive distribution rights and a portion of the limited partner interests
in Crosstex Energy, L.P. as well as the majority interest in E2, a services
company focused on the Utica Shale play in the Ohio River Valley.

Additional information about the Crosstex companies can be found at
www.crosstexenergy.com.

Additional Information and Where to Find It

This press release contains information about the proposed merger involving a
Devon entity and a Crosstex entity. In connection with the proposed merger,
New Public Rangers, L.L.C. has filed with the Securities and Exchange
Commission (SEC) a registration statement on Form S-4 that includes a proxy
statement/prospectus for the Crosstex stockholders. Crosstex will mail the
final proxy statement/prospectus to its stockholders. Investors and
stockholders are urged to read the proxy statement/prospectus and other
relevant documents filed or to be filed with the SEC. These documents (when
they become available), and any other documents filed by Crosstex or Devon
with the SEC, may be obtained free of charge at the SEC’s website, at
www.sec.gov. In addition, shareholders will be able to obtain free copies of
the proxy statement/prospectus from Crosstex Energy, Inc. by contacting
Investor Relations by mail at Attention: Investor Relations, 2501 Cedar
Springs, Dallas, Texas 75201.

Participants in the Solicitation

Devon, Crosstex and their respective directors and officers may be deemed to
be participants in the solicitation of proxies from the stockholders of
Crosstex Energy, Inc. in respect of the proposed transaction. Information
regarding the persons who may, under the rules of the SEC, be deemed
participants in the solicitation of the stockholders of Crosstex Energy, Inc.
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 preliminary proxy statement/prospectus filed with the SEC. Information
regarding Crosstex Energy, Inc.’s directors and executive officers is
contained in its Annual Report on Form 10-K for the year ended December 31,
2012, which is filed with the SEC. Information regarding Devon’s directors and
executive officers is contained in its Annual Report on Form 10-K for the year
ended December 31, 2012, which is filed with the SEC.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of
the federal securities laws. Although these statements reflect the current
views, assumptions and expectations of Devon’s and Crosstex’s management, the
matters addressed herein involve certain risks and uncertainties that could
cause actual activities, performance, outcomes and results to differ
materially than those indicated. Such forward-looking statements include, but
are not limited to, statements about 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 Devon’s, Crosstex’s or the new company’s financial
condition, results of operations and cash flows include, without
limitation,(a) failure to consummate the transactions due to unsatisfied
closing conditions with respect the transactions or failure to obtain
regulatory approval for the transactions, (b) the risk that the new company
will not be integrated successfully or that such integration will take longer
than anticipated, (c) the possibility that expected synergies will not be
realized, or will not be realized within the expected timeframe, (d)
fluctuations in oil, natural gas and NGL prices, (e) the extent and success of
drilling efforts, as well as the extent and quality of hydrocarbon volumes
produced within proximity of our assets, (f) failure or delays by customers in
achieving expected productions in their projects, (g) competitive conditions
in our industry and their impact on our ability to connect hydrocarbon
supplies to our assets, (h) actions or inactions to or non-performance by
third parties, including suppliers, contractors, operators, processors,
transporters and customers, (i) our ability to consummate future acquisitions,
successfully integrate any acquired businesses, realize any cost savings and
other synergies from any acquisition, (j) changes in the availability and cost
of capital, (k) operating hazards, natural disasters, weather-related delays,
casualty losses and other matters beyond our control, (l) timely receipt of
necessary government approvals and permits, our ability to control the costs
of construction, including costs of materials, labor and right-of-way and
other factors that may impact our ability to complete projects within budget
and on schedule, (m) the effects of existing and future laws and governmental
regulations, including environmental and climate change requirements, (n) the
effects of existing and future litigation and (o) risks related to our
substantial indebtedness, as well as other factors disclosed in Devon’s and
Crosstex’s filings with the Securities and Exchange Commission. You should
read Devon’s and Crosstex’s filings with the Securities and Exchange
Commission, including their respective Annual Reports on Form 10-K for the
year ended December 31, 2012 and their Quarterly Reports for the quarters
ended March 31, 2013, June 30, 2013 and September 30, 2013 and other filings
made with the Securities and Exchange Commission. Neither Devon nor Crosstex
assumes any obligation to update these forward-looking statements.

Contact:

Crosstex Energy
Jill McMillan, 214-721-9271
Director of Public & Industry Affairs
Jill.McMillan@CrosstexEnergy.com
 
Press spacebar to pause and continue. Press esc to stop.