Constellation Energy Partners Declares Cash Distribution

HOUSTON, July 23 /PRNewswire-FirstCall/ -- Constellation Energy Partners
LLC (NYSE: CEP) today announced a cash distribution for the quarter ended June
30, 2008 of $0.5625 per outstanding common unit and Class A unit, or $2.25 per
unit on an annualized basis. The distribution will be payable on August 14,
2008 to unitholders of record at the close of business on Aug. 7, 2008. No
distribution will be made to the Class D unitholder for the same period as
distributions to the Class D unitholder were suspended in connection with the
arbitration proceeding surrounding the net profits interest held by Torch
Energy Royalty Trust.
As a result of the ruling in the arbitration proceeding announced on July
18, 2008, quarterly distributions to the Class D unitholder in the amount of
$333,333.33 are expected to be reinstated beginning with the cash distribution
for the quarter ending Sept. 30, 2008. In addition, a one-time special cash
distribution to the Class D unitholder in the amount of $666,666.66 which
represents the distributions that were suspended for the quarterly periods
ended March 31 and June 30, 2008, is expected to be made on or before Nov. 14,
2008.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred
percent (100.0%) of Constellation Energy Partners' distributions to foreign
investors as being attributable to income that is effectively connected with a
United States trade or business. Accordingly, Constellation Energy Partners'
distributions to foreign investors are subject to federal income tax
withholding at the highest applicable rate.
Forward-Looking Statements
We make statements in this news release that are considered forward-
looking statements within the meaning of the Securities Exchange Act of 1934.
These forward-looking statements are largely based on our expectations, which
reflect estimates and assumptions made by our management. These estimates and
assumptions reflect our best judgment based on currently known market
conditions and other factors. Although we believe such estimates and
assumptions to be reasonable, they are inherently uncertain and involve a
number of risks and uncertainties that are beyond our control. In addition,
management's assumptions about future events may prove to be inaccurate.
Management cautions all readers that the forward-looking statements contained
in this news release are not guarantees of future performance, and we cannot
assure you that such statements will be realized or the forward-looking events
and circumstances will occur. Actual results may differ materially from those
anticipated or implied in the forward-looking statements due to factors listed
in the "Risk Factors" section in our SEC filings and elsewhere in those
filings. All forward-looking statements speak only as of the date of this news
release. We do not intend to publicly update or revise any forward-looking
statements as a result of new information, future events or otherwise.
Constellation Energy Partners LLC (www.constellationenergypartners.com) is
a limited liability company focused on the acquisition, development and
production of oil and natural gas properties, as well as related midstream
assets.
SOURCE Constellation Energy Partners LLC

Media: Lawrence McDonnell, +1-410-470-7433; or Investors: Tonya Cultice,
+1-410-470-5619, both for Constellation Energy Partners LLC