Copano Energy LLC on March 3, 2010 announced that it plans to sell 6,300,000 common units representing limited liability Company interests in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters have been granted a 30-day option to purchase up to 945,000 additional common units. Copano intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its revolving credit facility and expects to use the increased borrowing capacity as needed for capital projects, acquisitions, hedging, working capital and general corporate purposes.

Copano Energy LLC 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, the company reported net income of $9.3 million, or $0.16 per unit on a diluted basis. The company 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, For the full year, net income of $25.0 million, or $0.43 per unit on a diluted basis. The company now anticipates 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. The company 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.

Copano Energy LLC held its earnings conference call. The company intends to look at acquisition opportunities. Bruce Northcutt, President and CEO of the company said: A key tenet of our strategy will be to continue to execute on organic growth opportunities around our existing operating areas, such as in North Texas, and in the Eagle Ford Shale and South Texas, as I outlined earlier. At the same time, we will continue to extract additional value from our existing assets, as demonstrated by the restart of the fractionators at Houston Central. We also plan to explore opportunities beyond traditional gathering and processing. While we will continue to look at acquisitions that are part of a formal bidding process, in the future we plan to be much more proactive in seeking assets and opportunities. I want to emphasize, however, that we are and we will remain disciplined in our approach and we will only pursue opportunities that make strategic sense and that we believe will deliver value for the Company and our unit holders. And finally, we will continue to look for ways to reduce sensitivity of our margins and cash flows to commodity price fluctuations.

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Copano Energy Announces Pricing of Upsized Public Offering of Common Units

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