EnLink Midstream to be Name of New Combined Midstream Business

  EnLink Midstream to be Name of New Combined Midstream Business

Business Wire

OKLAHOMA CITY & DALLAS -- January 14, 2014

Devon Energy Corporation (NYSE: DVN) (“Devon”) and Crosstex Energy, L.P. (the
“Partnership”) (NASDAQ: XTEX) and Crosstex Energy, Inc. (the “Corporation”)
(NASDAQ: XTXI) (collectively “Crosstex”) today announced the selection of
EnLink Midstream Partners, LP and EnLink Midstream, LLC as the names of their
new combined midstream business following the completion of the transaction.

On October 21, 2013, Devon and Crosstex announced the signing of definitive
agreements to combine substantially all of Devon’s U.S. midstream assets with
Crosstex’s assets to form a new midstream business. The new business will
consist of two publicly traded entities: the master limited partnership, whose
name will change upon closing from Crosstex Energy, L.P. to EnLink Midstream
Partners, LP, and a publicly traded general partner entity, which will be
called EnLink Midstream, LLC. Applications will be filed to list the common
units of both EnLink Midstream Partners, LP and EnLink Midstream, LLC on the
New York Stock Exchange upon the closing under the symbols “ENLK” and “ENLC”,
respectively. The new website for EnLink Midstream can be found at
www.enlink.com.

“We are proud to introduce EnLink Midstream, which will be a leading,
integrated midstream company with a diverse geographic footprint and a strong
financial foundation,” said Barry E. Davis, Chief Executive Officer of
Crosstex and incoming CEO of EnLink Midstream. “This strategic combination is
expected to generate immediate and future value for our equity holders and to
provide greater capacity to pay distributions. Our enhanced financial position
will support both existing and new growth projects and our employees will
benefit from working for a larger, stronger company.”

The transaction, which is expected to close in the first quarter of 2014, is
subject to approval by the stockholders of the Corporation as well as other
customary closing conditions. On December 13, 2013, Crosstex announced the
expiration of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended.

Information About Notice to NASDAQ

Crosstex has submitted written notice to the NASDAQ Global Select Market
(“NASDAQ”) of its intention to voluntarily delist the Corporation’s common
stock and the Partnership’s common units from NASDAQ and to apply for the
listing of EnLink Midstream, LLC’s common units and the Partnership’s common
units on the NYSE. The proposed delistings are subject to and conditioned upon
the closing of the transaction.

Management of Crosstex determined that the proposed delistings would be in the
best interests of the equityholders of the Partnership and the Corporation and
the business as a whole. Shortly following the closing of the transaction, the
Corporation and the Partnership each intend to file a Form 25 with the
Securities and Exchange Commission (the “SEC”) to effect the proposed
delistings from NASDAQ. The official delistings will become effective
approximately ten days thereafter.

About Devon Energy

Devon Energy Corporation is an Oklahoma City-based independent energy company
engaged in oil and gas exploration and production. Devon is a leading
U.S.-based independent oil and gas producer and is included in the S&P 500
Index. For more information about Devon, please visit www.devonenergy.com.

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. (to be renamed EnLink Midstream, LLC) has filed
with the SEC a registration statement on Form S-4 that includes a proxy
statement/prospectus for the Corporation’s stockholders. The Corporation 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, stockholders will be able to obtain free copies of
the proxy statement/prospectus from the Corporation 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 the
Corporation 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 the Corporation 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 the
Corporation’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 Crosstex’s
substantial indebtedness, as well as other factors disclosed in Devon's and
Crosstex's filings with the SEC. You should read Devon's and Crosstex's
filings with the SEC, 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 SEC. Neither Devon nor Crosstex assumes any obligation
to update these forward-looking statements.

Contact:

Devon
Investor Contacts:
Scott Coody, 405-552-4735
or
Shea Snyder, 405-552-4782
or
Media Contact:
Chip Minty, 405-228-8647
or
Crosstex
Investor & Media Contact:
Jill McMillan, 214-721-9271
 
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