Copano Energy, L.L.C. (Nasdaq: CPNO) announced today a cash distribution
for the second quarter of 2010 of $0.575 per unit, or $2.30 per unit on
an annualized basis, for all of its outstanding common units. This
distribution is equal to Copano's distribution for the first quarter of
2010 and will be payable on August 12, 2010, to holders of record of
common units at the close of business on August 2, 2010.
"Copano will maintain its $0.575 quarterly distribution to unitholders,"
said Bruce Northcutt, President and Chief Executive Officer of Copano
Energy. "We estimate that our second quarter distribution coverage will
be higher than first quarter coverage due to the successful start up of
the fractionation facility at our Houston Central plant as well as
continued volume growth behind our Saint Jo plant in north Texas. We
also are optimistic about our growth opportunities in the Eagle Ford
Shale in south Texas and the Barnett Shale Combo play in north Texas and
the resulting positive financial impact for Copano."
This release serves as qualified notice to nominees under Treasury
Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of
Copano's distributions to foreign investors are attributable to income
that is effectively connected with a United States trade or business.
Accordingly, all of Copano's distributions to foreign investors are
subject to federal income tax withholding at the highest effective tax
rate for individuals or corporations, as applicable. Nominees, and not
Copano, are treated as the withholding agents responsible for
withholding on the distributions received by them on behalf of foreign
investors.
Houston-based Copano Energy, L.L.C. (NASDAQ: CPNO) 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, 250 miles of NGL
pipelines and eight natural gas processing plants, with over one Bcf per
day of combined processing capacity. For more information, please visit www.copanoenergy.com.
This press release may include "forward-looking statements" as defined
by the Securities and Exchange Commission. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the company expects,
believes or anticipates will or may occur in the future are
forward-looking statements. These statements are based on certain
assumptions made by the company 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 the control of the company, which may cause the
company's actual results to differ materially from those implied or
expressed by the forwardlooking statements. These risks include an
inability to obtain new sources of natural gas supplies, the loss of key
producers that supply natural gas to the company, key customers reducing
the volume of natural gas and natural gas liquids they purchase from us,
a decline in the price and market demand for natural gas and natural gas
liquids, the incurrence of significant costs and liabilities in the
future resulting from our failure to comply with new or existing
environmental regulations or an accidental release of hazardous
substances into the environment and other factors detailed in the
company's Securities and Exchange Commission filings.