Copano Energy, L.L.C. (NASDAQ: CPNO) announced today a cash distribution
for the third quarter of 2012 of $0.575 per unit, or $2.30 per unit on
an annualized basis, for all of its outstanding common units. This
distribution will be payable on November 8, 2012, to holders of record
of common units at the close of business on October 31, 2012.
"Copano will maintain its $0.575 quarterly distribution to unitholders,"
said R. Bruce Northcutt, President and Chief Executive Officer of
Copano. "We expect that our third quarter distribution coverage will be
in excess of 100%, including a gain from the sale during the quarter of
our non-core Lake Charles processing plant. Excluding the gain from the
sale of the plant, we expect our third quarter coverage to be in-line
with second quarter coverage. Work on our many Eagle Ford shale projects
continues at a solid pace and on track, and we continue to see a strong
demand for additional midstream services in the Eagle Ford and other
plays," Northcutt added.
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.
About Copano Energy, L.L.C.
Copano Energy, L.L.C. (NASDAQ: CPNO) is a midstream natural gas company
with operations in Texas, Oklahoma and Wyoming. For more information,
please visit www.copano.com.
This press release includes "forward-looking statements," as defined
by the Securities and Exchange Commission. Statements that
address activities or events that Copano believes will or may occur in
the future are forward-looking statements. These statements
include, but are not limited to, statements about future producer
activity and Copano's total distributable cash flow and
distribution coverage. These statements are based on management's
experience and perception of historical trends, current
conditions, expected future developments and other factors management
believes are reasonable. Important factors that could cause
actual results to differ materially from those in forward-looking
statements include the following risks and uncertainties, many of
which are beyond Copano's control: the volatility of prices and market
demand for natural gas and natural gas liquids; Copano's ability
to continue to obtain new sources of natural gas supply and retain its
key customers; the impact on volumes and resulting cash flow of
technological, economic and other uncertainties inherent in estimating
future production; producers' ability to drill and successfully
complete and attach new natural gas supplies; the NGL content of new gas
supplies; Copano's ability to access or construct new processing,
fractionation and transportation capacity; the availability of
downstream transportation and other facilities for natural gas and NGLs;
mechanical failures and other operational risks affecting the
performance of Copano's processing plants and other facilities, higher
construction costs or project delays due to inflation, limited
availability of required resources, or the effects of environmental,
legal or other uncertainties; general economic conditions; the
effects of government regulations and policies; and other financial,
operational and legal risks and uncertainties detailed from time
to time in Copano's quarterly and annual reports filed with the
Securities and Exchange Commission.