Summary of COPANO ENERGY, L.L.C.

Item 8.01 Other Events.

In June 2011, the Financial Accounting Standards Board issued guidance on the presentation of comprehensive income in financial statements. Entities are required to present total comprehensive income either in a single, continuous statement of comprehensive income or in two separate, but consecutive, statements. Copano Energy, L.L.C. (the "Company") adopted this standard as of January 1, 2012, and the information in this Current Report on Form 8-K ("Form 8-K") is filed solely to reflect the retrospective application of this guidance. The Company has elected to present net income and other comprehensive income in two separate statements in its annual financial statements. Additionally, the Company has elected to present total comprehensive income as a single, continuous statement of comprehensive income for the financial statements of Copano Energy, L.L.C. and its wholly owned guarantor subsidiaries.

The information in this Form 8-K, is not an amendment to or restatement of the Company's audited consolidated financial statements which were included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the Securities and Exchange Commission ("SEC") on February 29, 2012 (the "Form 10-K"). Other than as specified above in the adoption of this new accounting standard, this Form 8-K does not modify, update or affect any other disclosures or financial statements set forth in the Form 10-K. Furthermore, this Form 8-K does not purport to provide a general update or discussion of any developments with respect to the Company subsequent to the filing of the Form 10-K. Accordingly, the Form 10-K, with the presentation reflected below on this Form 8-K, should be read in conjunction with the Company's filings made with the SEC subsequent to the date of the Form 10-K.

The tables below reflect the retrospective application of the guidance described above for each of the three years in the period ended December 31, 2011. The retrospective application did not have a material impact on the Company's financial condition or results of operations.

                     COPANO ENERGY, L.L.C. AND SUBSIDIARIES
             CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

                                                             Year ended December 31,
                                                         2011          2010          2009
                                                                  (In thousands)
Net (loss) income                                     $ (156,312 )   $  (8,681 )   $  23,158
Other comprehensive income (loss):
Derivative settlements reclassified to earnings           36,605        (2,671 )     (42,200 )
Unrealized loss-change in fair value of derivatives      (22,528 )     (11,502 )     (41,609 )
Total other comprehensive income (loss)                   14,077       (14,173 )     (83,809 )
Comprehensive loss                                    $ (142,235 )   $ (22,854 )   $ (60,651 )

The following will be added to the Consolidated Statements of Operations included in Note 5 - Long Term Debt under "general" financial statements of Copano Energy, L.L.C. and its 100%-owned guarantor subsidiaries to the Company's annual financial statements:

                     COPANO ENERGY, L.L.C. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                    Year Ended December 31, 2011
                                                                                     Investment in
                                                                  Guarantor          Non-Guarantor
                               Parent         Co-Issuer         Subsidiaries          Subsidiaries         Eliminations        Total
                                                                           (In thousands)
Net (loss) income            $ (156,312 )   $            -     $       (65,500 )   $         (145,324 )   $      210,824     $ (156,312 )
Other comprehensive income
(loss):
Derivative settlements
reclassified to earnings         36,605                  -              36,605                      -            (36,605 )       36,605
Unrealized (loss)
gain-change in fair value
of derivatives                  (22,528 )                -             (22,528 )                    -             22,528        (22,528 )
Total other comprehensive
income (loss)                    14,077                  -              14,077                      -            (14,077 )       14,077
Comprehensive (loss)
income                       $ (142,235 )   $            -     $       (51,423 )   $         (145,324 )   $      196,747     $ (142,235 )

                                                                   Year Ended December 31, 2010
                                                                                    Investment in
                                                                 Guarantor          Non-Guarantor
                              Parent         Co-Issuer         Subsidiaries          Subsidiaries         Eliminations        Total
                                                                          (In thousands)
Net (loss) income           $   (8,681 )   $            -     $        61,845     $          (20,480 )   $      (41,365 )   $   (8,681 )
Other comprehensive
(loss) income:
Derivative settlements
reclassified to earnings        (2,671 )                -              (2,671 )                    -              2,671         (2,671 )
Unrealized (loss)
gain-change in fair value
of derivatives                 (11,502 )                -             (11,502 )                    -             11,502        (11,502 )
Total other comprehensive
(loss) income                  (14,173 )                -             (14,173 )                    -             14,173        (14,173 )
Comprehensive (loss)
income                      $  (22,854 )   $            -     $        47,672     $          (20,480 )   $      (27,192 )   $  (22,854 )

                                                                   Year Ended December 31, 2009
                                                                                     Investment in
                                                                 Guarantor           Non-Guarantor
                              Parent         Co-Issuer         Subsidiaries          Subsidiaries          Eliminations        Total
                                                                          (In thousands)
Net income (loss)           $   23,158     $            -     $        92,562     $             4,600     $      (97,162 )   $   23,158
Other comprehensive
(loss) income:
Derivative settlements
reclassified to earnings       (42,200 )                -             (42,200 )                     -             42,200        (42,200 )
Unrealized (loss)
gain-change in fair value
of derivatives                 (41,609 )                -             (41,609 )                     -             41,609        (41,609 )
Total other comprehensive
(loss) income                  (83,809 )                -             (83,809 )                     -             83,809        (83,809 )
Comprehensive (loss)
income                      $  (60,651 )   $            -     $         8,753     $             4,600     $      (13,353 )   $  (60,651 )