HOUSTON, April 30, 2013 /PRNewswire/ -- Copano Energy,
L.L.C. (NASDAQ: CPNO) announced today that, at a special meeting of
unitholders held earlier today, its unitholders voted to adopt the
merger agreement, entered into on January
29, 2013, among Copano, Kinder Morgan Energy Partners, L.P.
(NYSE: KMP), Kinder Morgan G.P.,
Inc. and Javelina Merger Sub LLC, a wholly-owned subsidiary of
Kinder Morgan Energy Partners, L.P., pursuant to which Copano will
become a wholly-owned subsidiary of Kinder
Morgan.
Based on the results, more than 99 percent of the units voted at
the special meeting voted in favor of adoption of the merger
agreement. The votes in favor of the merger agreement
constituted more than a majority of Copano's units outstanding as
of the record date, as required for adoption of the merger
agreement.
As previously announced on January
29, in accordance with the merger agreement, Kinder Morgan agreed to acquire all of Copano's
outstanding units in a 100 percent unit-for-unit transaction with
an exchange ratio of .4563 KMP units per CPNO unit. Subject
to satisfaction or waiver of previously-disclosed closing
conditions, the companies expect to close in early May.
About Copano Energy, L.L.C.
Copano Energy, L.L.C. is a midstream natural gas company with
operations in Texas, Oklahoma and Wyoming. For more
information, please visit http://www.copano.com.
This news 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, crude oil, condensate and NGLs, and for products
derived from these commodities; Copano's ability to continue to
connect new sources of natural gas, crude oil and condensate, and
the NGL content of new gas supplies; the ability of key producers
to continue to drill and successfully complete and connect new
natural gas and condensate volumes and such producers' performance
under their contracts with Copano; Copano's ability to attract and
retain key customers and contract with new customers, and such
customers' performance under their contracts with Copano; Copano's
ability to access or construct new pipeline capacity, gas
processing and NGL fractionation and transportation capacity; the
availability of local, intrastate and interstate transportation
systems, trucks and other facilities and services for condensate,
natural gas and NGLs; Copano's ability (and the ability of its
third-party service providers) to meet in-service dates, cost
expectations and operating performance standards for construction
projects; Copano's ability to successfully integrate any acquired
asset or operations; Copano's ability to access its revolving
credit facility and to obtain additional financing on acceptable
terms; the effectiveness of Copano's hedging program; general
economic conditions; force majeure events such as the loss of a
market or facility downtime; the effects of government regulations
and policies; Copano's ability to complete its proposed merger with
Kinder Morgan; 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. Copano does not undertake to
update any forward-looking statement except as provided by
law.
Contacts:
|
Carl A.
Luna, SVP and CFO
Copano
Energy, L.L.C.
713-621-9547
Jack
Lascar/jlascar@dennardlascar.com
Anne
Pearson/apearson@dennardlascar.com
Dennard-Lascar Associates / 713-529-6600
|
SOURCE Copano Energy, L.L.C.