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Exhibit 99.2





|Copano Energy



NASDAQ: CPNO



IPAA 2008 OGIS MLP Investor Conference

Houston, TX



January 17, 2008
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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. Underlying these forward-looking
statements are 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. Forward-looking statements in this presentation include
statements related to Cantera's expected future results of operations.

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 materializes, 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 filings with the Securities and Exchange Commission.

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 over 40 acquisitions plus extensive organic projects

Significant growth - from 23 miles to over 6,000 active pipeline miles
plus six processing plants

Provides midstream services to approximately 1.6 million Dth/day of
natural gas



Provides highly competitive producer services in three leading
producing regions

Texas - South Texas and Northern Fort Worth Basin

Oklahoma - Central and Eastern Oklahoma

Rocky Mountains - Powder River Basin in Wyoming



Current Equity Market Cap - $2.1 billion (a)

Current Enterprise Value - $2.6 billion (a)

(a) Equity value as of January 14, 2008
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|Copano Assets
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|Copano's LLC Structure & Benefits
   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

Additional benefits to the LLC structure include lower cost of
equity and stronger corporate governance than traditional MLPs
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|CPNO Distributions (1) vs. Typical MLP (2)

(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) 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

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

On October 17, 2007, Copano announced its eleventh consecutive
increase in quarterly distributions since its IPO.
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|General Partner Incentive Distribution Loads

Note: Market data as of 1/14/08

(1) To be adjusted pending shareholder vote of announced transaction between MWE & MWP
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|Total Return Performance (a)

Copano, with a total return of 308% (b) since its IPO, has significantly
outperformed the Alerian MLP Total Return Index (AMZX)

Source: Bloomberg

Note: 2004 data is 11/8/04 - 12/31/04

Assumes distributions reinvested

Total return based on unit price as of 1/14/08
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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 January 11, 2008

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

CPNO as of January 14, 2008

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

One of the largest independent networks of
natural gas pipelines in Central and Eastern
Oklahoma



Approximately 3,800 miles of active natural
gas gathering pipelines



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



Approximately 30 drilling rigs currently
active in area of operations



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



4 processing plants (includes majority-
owned Southern Dome)

Current inlet capacity of 170 MMcf/d
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|Texas

One of the largest independent networks
of natural gas pipelines in the Texas Gulf
Coast and Northern Fort Worth Basin

Nearly 1,800 miles of natural gas gathering
(includes majority-owned Webb/Duval),
intrastate transmission and natural gas
liquids pipelines



Strong activity in the North Texas Barnett
Shale Casinghead Gas Play



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%
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|Rocky Mountains

Assets primarily located in Powder River Basin

51.0% managing member interest in Bighorn Gas
Gathering, LLC

37.04% managing member interest in Fort Union
Gas Gathering, LLC



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

Reserves are long-lived with significant upside



Over 1,000,000 dedicated acres in Bighorn and
3,000,000 acre area of mutual interest at Fort
Union



100% fee-based contracts

As adjusted for the acquisition, Copano's
estimated 2008 fixed fee volumes grow from 28%
to over 50%



Excellent Organization

Experienced personnel with headquarters in
Denver, CO

Established systems and processes

Led by John Raber, a senior member of Copano
management
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|Organic Growth & Bolt-on Capital Spending

Strong organic growth and bolt-on capital spending program

Texas and Oklahoma (exclusive of Rocky Mountains)

Over $50 million in 2006

Estimated $85 million in 2007

Potential 2008 new project capital spending of approximately $130 million



Completed and current capital spending (not included in potential 2008
capital spending):

Gathering and compression expansion ongoing - Oklahoma

Approximate 65% expansion of Paden Plant capacity - Oklahoma

 Condensate handling capacity expanded approximately 150%

Nitrogen Rejection Unit at Paden Plant nearing completion - Oklahoma

Texas pipeline mileage (excluding North Texas) has increased approximately
20% since January 1, 2006 - Texas

Houston Central CO2 treating capacity has doubled since January 1, 2006 -
Texas

Note:  2008 new project capital spending includes Bighorn Gas Gathering, LLC and Fort Union Gas Gathering, LLC spending based on Copano ownership
interest
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|Hedging Program and Risk Management

On-going long-term risk management strategy 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

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

In early January 2008 Copano raised the strike prices on a substantial
portion of its natural gas liquids and crude oil hedges to reflect the
current market environment
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|Impact of Resource Play Gas in Strategic Acquisitions

Copano defines a resource play as any large-scale development play driven by
execution rather than geologic risk

Through strategic acquisitions, Copano's access to resource play gas has
increased significantly
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|Copano's Natural Gas Resource Plays *
   Play   Location   Acquisition   Date Copano Service
Commenced
   Hunton/Limestone
De-watering   Central Oklahoma   ScissorTail   August 2005
   Osage Coalbed
Methane   North Central Oklahoma   ScissorTail   August 2005
   Woodford
Shale   Southeast
Oklahoma   ScissorTail
and Cimmarron   June 2006
   Tri-County Barnett
Shale Interval Oil Play   North Texas   Cimmarron   May 2007
   Powder River Basin
Coalbed Methane   Wyoming   Cantera   October 2007

* Geologic, engineering and drilling economics information are based on discussions with producers, independent reservoir engineers and other industry information
sources but has not been independently verified
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|Producer Relationships

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

Mestena
Operating, Ltd.
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|Experienced Management Team and Board of Directors

19 senior managers average 24 years of experience in the industry

Ownership by ALL employees including LTIP participation

Management and employees beneficially owned approximately 7.5% of
outstanding units at December 31, 2007 (a)

Six of the seven Board members are independent

(a)  Excludes 241,181 restricted common units, 100,795 phantom units and 1,442,847 options to acquire common units, of which 362,646 are exercisable as of December 31,
2007.  Restricted common units, phantom units and options represent approximately 3.1% of current outstanding units.
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|Financial Information
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|Financial Policy

Maintain sustainable distributions with targeted distribution
coverage greater than the MLP peer group

Q3 2007 distribution coverage of 160%



Target total leverage: below 4.0x

Use free cash flow to reduce leverage on quarterly basis



Demonstrated ability and willingness to raise additional equity



Finance accretive acquisitions with balanced combination of long-
term debt and equity

Cimmarron acquisition 49% equity financed (1)

Cantera acquisition 62% equity financed

(1) Includes $15 million for subsequent acquisition of additional 30% undivided interest in the Tri-County System (all debt financed)
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|Financial Structure

Strong capitalization at September 30, 2007

Total Debt to Enterprise Value of 19% (1)

24% pro forma for Cantera acquisition

Total Debt to LTM EBITDA of 2.9x (2)

12/31/07E leverage, pro forma for the Cantera acquisition, increased modestly but
remains below the target maximum

Approximately 80% of total debt is fixed (includes interest rate hedges through 2012)



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 January 14, 2008

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