Copano Energy, L.L.C. (Nasdaq: CPNO) today announced that the net income
and net income per unit on a diluted basis that it reported for the
quarter and year ended December 31, 2009 were incorrect. On February 25,
2010, Copano reported net income of $9.3 million, or $0.16 per unit on a
diluted basis, for the fourth quarter of 2009, and net income of $25.0
million, or $0.43 per unit on a diluted basis, for the full year 2009.
Copano now anticipates that net income for the fourth quarter of 2009
will be between $8.3 million and $7.3 million, or between $0.14 per unit
and $0.13 per unit on a diluted basis, and that net income for 2009 will
be between $24.0 million and $23.0 million, or between $0.41 per unit
and $0.40 per unit on a diluted basis. The reduction in net income
resulted from a non-cash impairment charge associated with inactive
pipelines owned by Bighorn Gas Gathering, in which Copano owns a 51%
interest. Copano is currently evaluating the precise impact of the
impairment charges on its net income and net income per unit for the
fourth quarter and full year 2009.
Houston-based Copano Energy, L.L.C. is a midstream natural gas company
with operations in Oklahoma, Texas, Wyoming and Louisiana. Its assets
include approximately 6,400 miles of active natural gas gathering and
transmission pipelines, approximately 250 miles of NGL pipelines and
seven natural gas processing plants, with more than one billion cubic
feet per day of combined processing capacity. For more information,
please visit www.copanoenergy.com.
This news release may include "forward-looking statements" as defined
by the Securities and Exchange Commission. These statements
reflect certain assumptions based on management's experience and
perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate in the
circumstances. These statements include, but are not limited to,
statements with respect to future distributions. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond Copano's control, which may cause Copano's actual
results to differ materially from those implied or expressed by
the forward-looking statements. These risks include aninability to obtain
new sources of natural gas supplies, the loss of key producers that
supply natural gas to Copano, key customers reducing the volume
of natural gas and NGLs they purchase from Copano, a decline in the
price and market demand for natural gas and NGLs, the incurrence
of significant costs and liabilities in the future resulting from
Copano's failure to comply with new or existing environmental
regulations or an accidental release of hazardous substances into the
environment and other factors detailed in Copano's Securities and
Exchange Commission filings.