SOURCE: Crestwood Midstream Partners LP

November 17, 2010 08:00 ET

Crestwood Midstream Partners LP to Present at the RBC Capital Markets 2010 MLP Conference and Announces Conversion of Subordinated Units

HOUSTON, TX--(Marketwire - November 17, 2010) - Crestwood Midstream Partners LP (NYSE: CMLP) ("Crestwood LP") announced today that Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood LP's general partner, will present at the RBC Capital Markets 2010 MLP Conference in Dallas, Texas on Friday, November 19 at 9:00 a.m. Central Time. The presentation will be webcast live and will be accessible at www.CrestwoodLP.com in the Investors section of the website. A replay will also be available on the partnership's website for approximately 30 days following the event. Mr. Phillips and other members of Crestwood LP's management will also attend the conference and meet with investors. A copy of the presentation materials discussed with investors will also be available on the partnership's website.

Conversion of Subordinated Units

Crestwood LP also announced that as a result of the quarterly cash distribution payment on November 12, 2010, the subordination period ended for the 11.5 million subordinated units held by affiliates of Crestwood Holdings Partners LLC. Pursuant to the partnership agreement, the subordinated units converted on a one-for-one basis into common units on November 15, 2010. The conversion does not impact the amount of cash distributions paid or the net income per limited partner common unit calculations as the subordinated units have received cash distributions during the subordination period and have been included in the historical net income per limited partner common unit calculations.

About Crestwood Midstream Partners LP

Houston, Texas-based Crestwood LP is a growth-oriented, midstream master limited partnership which owns and operates 100 percent fee-based gathering, processing, treating and compression assets servicing natural gas producers in the Barnett Shale geologic formation in the Fort Worth Basin of north Texas. For more information about Crestwood LP, visit www.CrestwoodLP.com.

About Crestwood Holdings Partners LLC

Houston, Texas-based Crestwood Holdings Partners LLC is a private energy company formed by affiliates of First Reserve Corporation, a private equity fund manager with extensive investments in the energy industry, and the Crestwood Management to pursue the acquisition and development of North American midstream assets and businesses. The company will utilize management's extensive industry experience and relationships to enable its growth through the acquisition of strategic assets, the recruitment of experienced midstream personnel and investment in midstream organic infrastructure projects. For more information about Crestwood Holdings Partners LLC, visit www.CrestwoodGP.com.

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