Crosstex Energy and Apache Corporation to Jointly Develop Permian Basin Project for $85M

The Crosstex Energy companies, Crosstex Energy, L.P. XTEX and Crosstex Energy, Inc. XTXI , today announced the Partnership and Apache Corporation APA will jointly invest $85 million in a new-build natural gas processing facility in the Permian Basin in West Texas. The initial phase of the project will provide interim and long-term processing solutions, compression and residue gas takeaway for Apache's Deadwood development in Glasscock County. Crosstex and Apache will fund the processing project equally and each hold a 50 percent working interest. Separately, Crosstex will buy and upgrade a nearby rail terminal to provide transportation of natural gas liquids to its Eunice fractionation facility in southern Louisiana.