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EXHIBIT 99.2


|Copano Energy



NASDAQ: CPNO

Morgan Keegan 2007 Equity Conference

Memphis, TN



September 7, 2007
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|Disclaimer

Statements made by representatives of Copano Energy, L.L.C. (the "Company") during this
presentation may constitute "forward-looking statements" as defined by the Securities and
Exchange Commission. All statements, other than statements of historical facts, made by
representatives of the Company during this presentation that address activities, events or
developments that the Company expects, believes or anticipates will or may occur in the future
are forward-looking statements. These forward-looking statements are based on certain
assumptions made by the Company based on management's experience and perception of
historical trends, current conditions, expected future developments and other factors it believes
are appropriate in the circumstances.

Any forward-looking statements made by representatives of the Company during this
presentation are subject to a number of assumptions, risks and uncertainties, many of which are
beyond the Company's control.  If one or more of these risks or uncertainties materialize, or if
underlying assumptions prove incorrect, then the Company's actual results may differ materially
from those implied or expressed by the forward-looking statements. These risks include an
inability to obtain new sources of natural gas supplies, the loss of key producers that supply
natural gas to the Company, key customers reducing the volume of natural gas and natural gas
liquids they purchase from the Company, a decline in the price and market demand for natural
gas and natural gas liquids, the incurrence of significant costs and liabilities in the future resulting
from the Company's failure to comply with new or existing environmental regulations or an
accidental release of hazardous substances into the environment and other factors detailed in the
Company's Securities and Exchange Commission filings.

The Company undertakes no obligation to publicly update any forward-looking statements,
whether as a result of new information or future events.
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|Introduction to Copano Energy, L.L.C.

Growth-oriented midstream energy company founded in 1992

Built through acquisitions - over 40 acquisitions plus extensive
construction and integration projects

Significant pipeline growth - from 23 miles to over 5,600 active
miles

Five processing plants (a) - 870 MMcf/d of combined processing
capacity



Prominent producer services franchise in two active producing regions

Texas Gulf Coast - South Texas

Mid-Continent - Central and Eastern Oklahoma and Northern Fort
Worth Basin in Texas



Recently announced acquisition of Cantera Natural Gas, LLC expected
to close in the fourth quarter

(a)  includes majority interest in Southern Dome, LLC
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|Overview

Strong producer and customer focus

Highly competitive and flexible services

Provides midstream services to
approximately 900,000 MMBtu/day of natural
gas

Financial Profile - LTM 6/30/07:

Revenue:  $929.4 million

Total Segment Gross Margin (a):  $188.2 million

EBITDA (a):  $125.2 million

Current Equity Market Cap: $1.7 billion (b)

Current Enterprise Value: $2.0 billion (b)

TX

Texas Gulf Coast

Mid-Continent

OK

(a)   Total Segment Gross Margin and EBITDA are non-GAAP financial measures.  For definitions
and reconciliations to comparable GAAP measures, see Appendix.

(b)   Equity value as of September 4, 2007.
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|Copano's LLC Structure
   Characteristic   Typical MLP   Copano Energy   C-Corp
   Non-Taxable Entity   Yes   Yes   No
   Tax Shield on Distributions   Yes   Yes   No
   Tax Reporting   Schedule K-1   Schedule K-1   Form 1099
   General Partner   Yes   No   No
   Incentive Distribution Rights   Yes; up to 50%   No   No
   Voting Rights   No   Yes   Yes
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|LLC Benefits

No entity-level taxation

No general partner splits ("incentive distribution rights")

Reduces cost of equity

Greater ease of equity issuance

Greater appeal to institutional investors

Stronger governance

Truly independent board

Elected by unitholders
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|Copano has outperformed both the Alerian MLP Index (AMZ) and the
S&P 500 since its IPO

Relative Unit Price Performance (a)

Source: Bloomberg

(a) As of September 4, 2007

+297%

+36%

+28%

+33%

+9%

+5%
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|Total Return Performance (a)

Copano has also outperformed both the Alerian MLP Total Return
Index (AMZX) and the S&P 500 in terms of total return since its IPO

Source: Bloomberg

(a) As of September 4, 2007.  Assumes distributions reinvested.

+349%

+58%

+28%

+38%

+13%

+5%
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|Distribution Growth (1)

(1) All pre-1Q 2007 distributions are restated to account for the impact of Copano's 3/30/07 two-for-one unit split.

(2) Actual $0.10 distribution per unit was for the partial quarterly period  from the IPO closing on November 15, 2004 through December 31,
2004.

(2)

On July 18, 2007, Copano announced its tenth consecutive increase
in quarterly distributions since its IPO
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|Comparative Distribution Yield

CPNO's yield is between that of traditional MLPs and Public GPs

Source: Lehman Brothers MLP Weekly for the week ended August 31, 2007

MLP Average includes: APL, BWP, BPL, XTEX, DPM, DEP, EROC, EEP, ETP, EPD, HLND, KMP, MMP, MWE, MMLP, NS, OKS, PAA, RGNC, KGS, SGLP, SEP, SXL, NGLS,
TCLP, TPP, WPZ

CPNO as of September 4, 2007

(c) GP Average includes: AHGP, AHD, BGH, XTXI, ETE, EPE, HPGP, NRGP, MGG, MWP, NSH, PVG

(a)

(b)
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|CPNO Distributions vs. MLP with IDR's

Note: Assumes generic MLP splits with 10%, 25% & 50% increases in distributable cash flow to LP units resulting in incremental 13%, 23% and 48% increases in the percentage of
total distributable cash flow applicable to the GP.

Copano's Q2 2007 distribution is approximately 26% higher as an LLC than if it were a traditional MLP
with IDRs
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|General Partner Incentive Distribution Loads

Note: Market data as of 8/31/07
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|Business Strategy

Pursue growth from our existing
assets

Pursue complementary
acquisitions and organic
expansion opportunities

Reduce sensitivity of our cash
flows to commodity price
fluctuations

Exploit the operating flexibility of
our assets

Expand our geographic scope into
new regions where our growth
strategy can be applied
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|Mid-Continent Operations

One of the largest independent networks of
natural gas pipelines in Central and Eastern
Oklahoma and Northern Fort Worth Basin

Approximately 3,800 miles of active natural
gas gathering pipelines

Long-term agreements with remaining terms
ranging up to approximately 13 years

32 drilling rigs currently active in area of
operations

Hunton de-watering play and coal bed
methane provide growth visibility

4 processing plants (includes majority-owned
Southern Dome)

Current inlet capacity of 170 MMcf/d

LTM 6/30/07 Segment Gross Margin (a):

$100.7 million

(a)   Total Segment Gross Margin is a non-GAAP financial measure.  For a
definition and reconciliation to a comparable GAAP measure, see
Appendix.

Texas

Oklahoma
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|Cantera Acquisition

On September 4, 2007, Copano signed a definitive purchase agreement to Cantera
Natural Gas, LLC ("Cantera") from Metalmark Capital for total consideration of $675
million (subject to certain closing adjustments)

Purchase price consists of $562.5 million in cash ($335 million in a private placement of equity
and $227.5 million under a new revolving credit facility) and $112.5 million in equity issued to
seller



Cantera's assets consist primarily of a 51.0% managing member interest in Bighorn Gas
Gathering, LLC ("Bighorn") and a 37.04% managing member interest in Fort Union Gas
Gathering, LLC ("Fort Union"), which operate natural gas pipeline systems in Wyoming's
Powder River Basin



Establishes Copano's presence in the Rocky Mountains and the prolific Powder River
Basin

Reserves are long-lived with significant upside



Over 1 million dedicated acres in Bighorn and 3 million acre area of mutual interest at
Fort Union
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|Cantera Acquisition (cont'd)

100% fee-based contract mix

Copano's 2008 projected fixed fee volumes grow from 27% to 57%



Excellent Organization

Experienced personnel with headquarters in Denver, CO

Established systems and processes

Will be led by John Raber, a senior member of Copano management



Accretion

Nominally accretive in 2008 and 2009

Double-digit accretion beginning in 2010

Further improving in 2011



Management's anticipated distribution recommendations

Third quarter 2008 annualized rate approximately $2.15 per unit

2010 annual rate approximately $3.00
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|Texas Gulf Coast Pipelines

One of the largest independent
networks of natural gas pipelines in
the Texas Gulf Coast region

Over 1,600 miles of natural gas
gathering and intrastate
transmission pipelines (includes
majority-owned Webb/Duval)

Strong drilling activity particularly on
Central Gulf Coast, Mestena Grande
and Copano Bay systems

Decline rates generally moderate
compared to Offshore Gulf of Mexico

LTM 6/30/07 Segment Gross Margin(a):

$42.1 million

TX

(a)   Total Segment Gross Margin is a non-GAAP financial measure. For a
definition and reconciliation to a comparable GAAP measure, see
Appendix.
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|Texas Gulf Coast Processing




Houston Central Processing Plant
straddles KMTP's Laredo-to-Katy pipeline

2nd largest processing plant in Texas Gulf
Coast region; 3rd largest in Texas

Total inlet capacity of 700 MMcf/d

Highly efficient conditioning capability
avoids processing margin losses by
reducing:

NGLs extracted by 93%

Fuel consumption by 80%

Sheridan NGL Pipeline: 104 miles

Brenham NGL Pipeline (a): 46 miles

LTM 6/30/07 Segment Gross Margin (b):

$53.5 million

(a)   Leased from Kinder Morgan.

(b)   Total Segment Gross Margin is a non-GAAP financial measure.  For a
definition and reconciliation to a comparable GAAP measure, see Appendix.
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|Producer Relationships

Note:  Partial list for Texas Gulf Coast and Mid-Continent

Mestena Operating, Ltd.
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|Highly-Rated Service Provider

In the 2006 Natural Gas Midstream Services Survey conducted
by EnergyPoint Research, Houston, among all respondents
Copano rated:

#2 Overall - all service categories and geographic regions

#1 Onshore Gas Gathering - all geographic regions

#1 Texas Intrastate - all service categories

#1 Reliability, Capacity and Condition of Field Assets (a)

#1 Health, Safety and Environmental Practices (a)

#1 Administrative, Scheduling and Accounting Personnel (a)

Among primary decision makers, Copano rated #1 overall and
in most categories

(a)   All service categories and geographic regions
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|Organic Growth & Bolt-on Capital Spending

Strong organic growth and bolt-on capital spending program

Texas and Mid-Continent (exclusive of Cimmarron)

Over $50 million in 2006

Approximately $35 million through June 2007

Approximately $20 million of identified projects through the remainder of 2007

Cimmarron

Potential capital spending of $45 million through 2008

Hunton play gathering and compression expansion ongoing,  expansion of Paden Plant
(completed Q2 2007) and Nitrogen Rejection Unit estimated completion year-end 2007
(Mid-Continent)

Southern Dome greenfield facilities completed Q2 2006 (Mid-Continent)

Bolt-on acquisitions in South Texas (Texas Gulf Coast) include:

Williams Field Services South Texas Assets completed Q3 2006

Normanna Lateral completed Q3 2006

Driscoll Lateral completed Q1 2007

Houston Central CO2 treating capacity expansion completed Q4 2006 (Texas Gulf Coast)
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|Hedging Program and Risk Management

On-going long-term risk management strategy adopted in 2005 to reduce
commodity price risk exposure

Current portfolio of hedging contracts includes:

Call spread options on natural gas through 2011 to hedge a portion
of the net operational short natural gas position when we operate
our Houston Central Plant in a processing mode

Puts on natural gas through 2009

Puts and swaps for ethane, propane, iso-butane, normal butane and
natural gasoline through 2011

Puts on WTI crude oil through 2011 to hedge natural gasoline and
condensate
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|Financial Structure

Strong capitalization at June 30, 2007

Total Debt to Enterprise Value of 17% (1)

Total Debt to LTM EBITDA of 2.8x

Projected Total Debt to EBITDA pro forma for Cantera acquisition (2)

2007 - Approximately 3.3x

2008 - Approximately 3.3x

2010 - Projected below 2.7x



Broad institutional unitholder and noteholder base



Strong capital support for acquisitions



Moody's ratings:

B1 Corporate Family Rating

B2 Senior Notes Rating

Positive outlook

S&P ratings:

BB- Corporate Credit Rating

B+ Senior Notes Rating

Positive outlook

(1) Equity value as of September 4, 2007.

(2) Total debt to EBITDA calculations based on definitions contained in Copano's debt agreements.
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|Financial Policy

Maintain sustainable distributions with targeted distribution
coverage greater than MLP peers



Target total leverage: below 4.0x

Use free cash flow to reduce leverage on quarterly basis



Demonstrated ability and willingness to raise additional equity

Follow-on equity offering closed in December 2006



Committed equity associated with Cantera



Finance accretive acquisitions with balanced combination of long-
term debt and equity
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|Experienced Management Team and Board of Directors

17 senior managers average 24 years of experience in the
industry

Ownership by ALL employees including LTIP participation

Management and employees beneficially own approximately 10%
of outstanding units (a)

Six of the seven Board members are independent

(a)  Excludes 302,222 restricted common units, 86,465 phantom units and 1,367,859 options to acquire common units, of which 271,961 are
exercisable as of July 31, 2007.  Restricted common units, phantom units and options represent approximately 3.6% of current
outstanding units.

Retired Chairman and Chief Executive Officer, TEPPCO Partners, L

..P.

William L. Thacker

Chairman and Chief Executive Officer, Copano Energy, L.L.C.

John R. Eckel, Jr.

Chairman and Founding Partner, Porter & Hedges, L.L.P.

T. William Porter

Retired Chairman and Chief Executive Officer, Conoco Gas and Pow

er

Michael L. Johnson

Former Senior Vice President and Chief Operating Officer, Hydro

Gulf

of Mexico, L.L.C.

Scott A. Griffiths

Director, Former Executive Vice President and Chief Operating Officer,

Universal Compression Holdings Inc. and Director, UCO GP, LLC

Ernie L. Danner

Retired Global Energy & Mining Cluster Leader,

PricewaterhouseCoopers

James G. Crump

Primary Affiliation

Name

Retired Chairman and Chief Executive Officer, TEPPCO Partners, L

..P.

William L. Thacker

Chairman and Chief Executive Officer, Copano Energy, L.L.C.

John R. Eckel, Jr.

Chairman and Founding Partner, Porter & Hedges, L.L.P.

T. William Porter

Retired Chairman and Chief Executive Officer, Conoco Gas and Pow

er

Michael L. Johnson

Former Senior Vice President and Chief Operating Officer, Hydro

Gulf

of Mexico, L.L.C.

Scott A. Griffiths

Universal Compression Holdings Inc. and Director, UCO GP, LLC

Ernie L. Danner

Retired Global Energy & Mining Cluster Leader,

PricewaterhouseCoopers

James G. Crump

Primary Affiliation

Name
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|(c)

$35.1

$55.0

$101.6

$143.5

(c)

52.1% CAGR (2002 - 2006)

$188.1

Total Segment Gross Margin (a)

(a)  Total Segment Gross Margin is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAP
measure, see Appendix.

(b)  Pro Forma for the acquisition of ScissorTail Energy, LLC

(c)  Includes $0.4, $1.4 and $(8.9) million of Corporate Segment gross margin for the periods ending 12/31/05, 12/31/06 and LTM
6/30/07 respectively.

$188.2
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|Combined EBITDA (a)

(a) EBITDA is a non-GAAP financial measure.  For a definition and reconciliation to a comparable GAAP measure, see Appendix.

(b) Pro Forma for the acquisition of ScissorTail Energy, LLC

(c) Texas Gulf Coast results for 12/31/05, 12/31/06 and LTM 6/30/07 periods include all corporate G&A expenses.

$14.3

$26.4

$64.7

$97.5

(c)

(c)

73.6% CAGR (2002 - 2006)

$130.0

$125.2
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|Key Investment Merits

Assets are strategically located in active natural gas supply areas and
are easily scalable



Our contracts and asset mix provide operating flexibility to mitigate
processing margin risk



We provide an integrated and comprehensive package of midstream
services



We have knowledgeable and experienced employees with significant
ownership interests in us



Our LLC structure is tax-advantaged, reduces the cost of equity capital,
and allows unitholders to elect directors



We have a flexible financial structure and have a proven track record of
growth
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|Appendix
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|Reconciliation of Non-GAAP Financial Measures

Gross Margin

We define our total segment gross margin as our segment revenue less cost of sales. Cost of sales includes the following costs and
expenses: cost of natural gas and NGLs purchased by us from third parties, cost of natural gas and NGLs purchased by us from affiliates,
costs we pay third parties to transport our volumes and costs we pay our affiliates to transport our volumes.  We view total segment gross
margin as an important performance measure of the core profitability of our operations.  This measure is a key component of our internal
financial reporting and is used by our senior management in deciding how to allocate capital resources among business segments.  We
believe that investors benefit from having access to the same financial measures that our management uses.  The GAAP measure most
directly comparable to total segment gross margin is operating income.

The following table presents a reconciliation of the non-GAAP financial measure of total segment gross margin (which consists of the sum
of individual segment gross margins) to operating income on a historical basis:
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|Reconciliation of Non-GAAP Financial Measures

EBITDA

We define EBITDA as net income (loss) plus interest expense, provision for income taxes and depreciation and amortization expense.  EBITDA
is used as a supplemental financial measure by our management and by external users of our financial statements such as investors,
commercial banks, research analysts and others, to assess:

the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;

the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness;

our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without
regard to financing or capital structure; and

the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.

EBITDA is also a financial measurement that, with certain negotiated adjustments, is reported to our lenders and is used to compute our
financial covenants.  EBITDA should not be considered an alternative to net income, operating income, cash flows from operating activities or
any other measure of financial performance presented in accordance with GAAP.  Our EBITDA may not be comparable to EBITDA or similarly
titled measures of other entities, as other entities may not calculate EBITDA in the same manner as we do.

The following table presents a reconciliation of the non-GAAP financial measure of EBITDA to the GAAP financial measure of net income (loss):
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|Copano Energy



NASDAQ: CPNO
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