Crestwood Midstream Partners LP : 1/10/2012 Crestwood Midstream Partners LP Prices Offering of Common Units

N e w s R e l e a s e

CRESTWOOD MIDSTREAM PARTNERS LP

717 Texas Avenue, Suite 3150

Houston, TX 77002 www.crestwoodlp.com

Crestwood Midstream Partners LP Prices Offering of Common Units HOUSTON, TEXAS, January 10, 2012 - Crestwood Midstream Partners LP (NYSE: CMLP) ("Crestwood") announced today that it has priced an upsized public offering of

3,500,000 common units at $30.73 per unit. Crestwood has granted the underwriters a 30-day
option to purchase up to 525,000 additional common units if the underwriters sell more than
3,500,000 common units in the offering. The closing of the offering is expected to occur on January 13, 2012, subject to satisfaction of customary closing conditions. Crestwood intends to use the net proceeds from the offering, including any exercise of the underwriters' option to purchase additional common units, to reduce the indebtedness outstanding under its revolving credit facility. Wells Fargo Securities, Barclays Capital, Citigroup, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for the offering.
The offering is being made by means of a prospectus and related prospectus supplement, copies of which may be obtained from the underwriters as follows:
Wells Fargo Securities
Attn: Equity Syndicate Department
375 Park Avenue
New York, New York 10152
Email: [e-mail]
Toll-free number: [phone]
Barclays Capital
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Email: [e-mail]
Toll-free number: [phone]
Citigroup
Prospectus Department
Brooklyn Army Terminal
140 58th Street, 8th Floor
Brooklyn, New York 11220
Email: [e-mail]
Toll-free number: [phone]
-more-

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RBC Capital Markets
Attn: Prospectus Department
3 World Financial Center
200 Vesey Street, 8th Floor
New York, New York 10281-8098
Toll-free number: [phone]
UBS Securities LLC
Attn: Prospectus Department
299 Park Avenue
New York, New York 10171
Toll-free number: [phone]
You may also obtain these documents for free when they are available by visiting EDGAR on the SEC website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement, which are part of an effective registration statement.

About Crestwood Midstream Partners LP

Houston, Texas-based Crestwood is a growth-oriented, midstream master limited partnership which owns and operates predominately fee-based gathering, processing, treating and compression assets servicing natural gas producers in the Barnett Shale in North Texas, the Fayetteville Shale in Arkansas, the Haynesville/Bossier Shale in Louisiana, the Granite Wash area in the Texas Panhandle and the Avalon Shale area of Southeastern New Mexico.

Forward-Looking Statements

The statements in this news release regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions and expectations of Crestwood's management, the matters addressed herein are subject to numerous risks and uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about the future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect Crestwood's financial condition, results of operations and cash flows including, without limitation, changes in general economic conditions;

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fluctuations in oil, natural gas and NGL prices; failure or delays by our customers in achieving expected production in their natural gas projects; competitive conditions in our industry; actions or inactions taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters and customers; our ability to consummate acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any acquisition; fluctuations in the value of certain of our assets and liabilities; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; timely receipt of necessary government approvals and permits, our ability to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact our ability to complete projects within budget and on schedule; the effects of existing and future laws and governmental regulations, including environmental and climate change requirements; the effects of existing and future litigation; internal controls; and risks related to our substantial indebtedness as well as other factors disclosed in Crestwood's filings with the Securities and Exchange Commission. You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31,
2010, our subsequently filed Quarterly Reports on Form 10-Q /A and our Current Reports on
Form 8-K and 8-K/A, for a more extensive list of factors that could affect results.

Investor Contact:

Mark Stockard
832-519-2207 [e-mail]
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