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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 8-K
 CURRENT REPORTPursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 Date of Report (Date of earliest event reported): October 19, 2007
 COPANO ENERGY, L.L.C.
 (Exact name of registrant as specified in its charter)
 Delaware
(State or Other Jurisdiction of 
Incorporation or Organization)
    
    001-32329
(Commission File Number)
    
    51-0411678
(I.R.S. Employer
Identification No.)
 2727 Allen Parkway 
Houston, Texas
(Address of Principal Executive Offices)
    
    77019
(Zip Code)
 Registrants Telephone Number, including Area Code: (713) 621-9547
 Not Applicable.
 (Former name or former address, if changed since last report)
 
  o
 o
 o
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TABLE OF CONTENTS  Item 1.01 Entry into a Material Definitive Agreement.Item 2.01 Acquisition or Disposition of Assets.Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance-Sheet Arrangement of the Registrant.Item 3.02 Unregistered Sales of Equity Securities.Item 5.03 Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.Item 7.01 Regulation FD DisclosureItem 9.01 Financial Statements and ExhibitsSIGNATURESPurchase AgreementAmendment No. 2 to Third Amended and Restated LLC AgreementAmendment No. 3 to Third Amended and Restated LLC AgreementRegistration Rights AgreementRegistration Rights AgreementPress Release    Table of Contents  
 Item 1.01 Entry into a Material Definitive Agreement.
  
 Item 2.01 Acquisition or Disposition of Assets.
 Closing of Cantera Acquisition
    Copano Class D Units
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Copano Class E Units and Common Units
    Registration Rights
    $550 Million Senior Secured Revolving Credit Facility
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
    
    increases aggregate borrowing capacity under the Credit Agreement from $200 million to $550
million;



    
    extends the maturity date of the Credit Agreement to October 18, 2012;



    
    reduces the commitment fee rates applicable at certain
Consolidated Leverage Ratios (as defined in the Credit Agreement) as set
forth below:


Consolidated Leverage Ratio
    
    Commitment Fee34.00:1
but < 4.50:1
    
    
    0.300
    %33.50:1
but < 4.00:1
    
    
    0.250
    %



    
    revises the interest rate provisions to provide for applicable rates ranging from 1.25% to 2.50%,
for rates determined using LIBOR, and from 0.25% to 1.50%, for rates determined using the Base Rate
(as defined in the Credit Agreement). The applicable rates are dependent on Consolidated Leverage
Ratios ranging from 3.00:1 to 5.00:1;



    
    revises covenants under the Credit Agreement to accommodate Copanos obligations as
managing member of each of Bighorn and Fort Union, and to accommodate previously existing
obligations of each entity;



    
    provides for swing line borrowings (as defined in the Amendment) in addition to committed
borrowings, and provides for LIBOR-based determination of interest on swing line borrowings;
and



    
    revises the minimum consolidated interest coverage ratio to
2.0:1.







Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance-Sheet
Arrangement of the Registrant.







Item 3.02 Unregistered Sales of Equity Securities.







Item 5.03 Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.




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Item 7.01 Regulation FD Disclosure
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Item 9.01 Financial Statements and Exhibits
 (a) Financial Statements of Businesses Acquired.
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(b) Pro Forma Financial Information.
  (c) Exhibits.
 Exhibit No.
    
    Description2.1
    
    
    Purchase Agreement dated as of August 31, 2007 among Copano Energy, L.L.C., Copano
Energy/Rocky Mountains, L.L.C., and Cantera Resources Holdings LLC3.1
    
    
    Amendment No. 2 to Third Amended and Restated Limited Liability Company Agreement of Copano
Energy, L.L.C., dated October 19, 20073.2
    
    
    Amendment No. 3 to Third Amended and Restated Limited Liability Company Agreement of Copano
Energy, L.L.C., dated October 19, 20074.1
    
    
    Registration Rights Agreement by and between Copano Energy, L.L.C. and Cantera Resources
Holdings LLC, dated October 19, 20074.2
    
    
    Registration Rights Agreement by and among Copano Energy, L.L.C. and the Purchasers, dated
October 19, 200799.1
    
    
    Press Release issued October 19, 2007
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SIGNATURES
  COPANO ENERGY, L.L.C.Date:  October 25, 2007
    By:
    /s/ Mathew J. AssiffName:
    Mathew J. AssiffTitle:
    Senior Vice President and Chief
Financial Officer 7




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Exhibit No.
    
    Description2.1
    
    
    Purchase Agreement dated as of August 31, 2007 among Copano Energy, L.L.C., Copano
Energy/Rocky Mountains, L.L.C., and Cantera Resources Holdings LLC3.1
    
    
    Amendment No. 2 to Third Amended and Restated Limited Liability Company Agreement of Copano
Energy, L.L.C., dated October 19, 20073.2
    
    
    Amendment No. 3 to Third Amended and Restated Limited Liability Company Agreement of Copano
Energy, L.L.C., dated October 19, 20074.1
    
    
    Registration Rights Agreement by and between Copano Energy, L.L.C. and Cantera Resources
Holdings LLC, dated October 19, 20074.2
    
    
    Registration Rights Agreement by and among Copano Energy, L.L.C. and the Purchasers, dated
October 19, 200799.1
    
    
    Press Release issued October 19, 2007