Key Developments: Constellation Energy Partners LLC (CEP)
1.73USD
17 May 2013
$0.15 (+9.49%)
$1.58
$1.61
$1.74
$1.58
132,237
41,598
$2.05
$1.15
Latest Key Developments (Source: Significant Developments)
Constellation Energy Partners LLC Issues FY 2013 EBITDA Guidance Above Analysts' Estimates-Conference Call
Constellation Energy Partners LLC announced that it forecasts adjusted EBITDA will run between $23 million and $25 million in fiscal 2013. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $21 million for fiscal 2013. Full Article
Constellation Energy Partners LLC Issues FY 2013 Production Guidance
Constellation Energy Partners LLC announced that for fiscal 2013, it expects net production is forecast to range between 7.6 and 8.6 Bcfe. Full Article
Constellation Energy Partners LLC Closes Sale of Alabama Assets
Constellation Energy Partners LLC announced that the Company closed the previously announced sale of its Robinson's Bend Field assets, which are located in Tuscaloosa County, Alabama. The sale resulted in net proceeds of approximately $55.3 million, $50.0 million of which was used to retire debt under the company's credit facility. After the debt reduction, borrowings outstanding under the credit facility totaled $34.0 million. Full Article
Constellation Energy Partners LLC To Sell Robinson's Bend Field Assets And Operations To Castleton Commodities International LLC's Subsidiary
Constellation Energy Partners LLC announced that it has executed a definitive agreement to sell Robinson's Bend Field assets and operations, which are located in the Black Warrior Basin in Tuscaloosa County, Alabama, to a subsidiary of Castleton Commodities International LLC (CCI). The sale encompasses over 500 operating natural gas wells in the Robinson's Bend Field together with related leasehold interests and infrastructure. The transaction is expected to close in the first quarter 2013 and will have an effective date of December 1, 2012. The Company anticipates that net proceeds received in the transaction will be used to reduce outstanding debt. Lantana Oil & Gas Partners, Inc. was divestment advisor to CEP for the sales process. Stifel provided a fairness opinion to the Company's Board of managers in connection with the transaction. Full Article
Constellation Energy Partners LLC Issues FY 2012 Production Guidance
Constellation Energy Partners LLC announced that net production is forecast to range between 13.3 Bcfe and 14.1 Bcfe for fiscal 2012. Full Article
Constellation Energy Partners LLC Issues FY 2011 Production Guidance
Constellation Energy Partners LLC announced that for fiscal 2011, it expects net production to range between 13.4 and 14.2 Bcfe. Full Article
Postrock Energy Corp Buys Stake In Constellation Energy Resources LLC From Constellation Energy Group
Postrock Energy Corp announced that it had purchased a majority of Constellation Energy Group, Inc.'s (CEG) interests in Constellation Energy Partners LLC (CEP). In the transaction, PostRock acquired all 485,065 Class A Member Interests and 3,128,670 Class B Member Interests. In combination, the acquired units represent a 14.9% interest in CEP. CEG's consideration was comprised of $6.6 million of cash, 1 million shares of PostRock common stock and warrants to acquire an additional 673,822 shares of PostRock. Of the warrants, 224,607 are exercisable for one year at an exercise price of $6.57 a share, 224,607 are exercisable for two years at $7.07 a share and 224,608 for three years at $7.57 a share. The cash was funded with borrowings on PostRock's bank facility. Full Article
PostRock Energy Corporation To Buy Stake In Constellation Energy Partners LLC From Constellation Energy Group, Inc.
PostRock Energy Corporation announced that it had agreed to purchase all of Constellation Energy Group, Inc.'s (CEG) interests in Constellation Energy Partners LLC (CEP). PostRock will acquire 5,918,894 Class B Member Interests, representing approximately 24.5% of that class along with all outstanding Class A, Class C and Class D Member Interests. In the transaction, PostRock will receive all of CEG's voting rights, including its right to appoint two of the five members of CEP's Board. CEG will receive consideration comprised of $11.25 million of cash, $11.25 million of PostRock common stock and warrants to acquire an additional 1.5 million shares of PostRock common stock at a premium to market. Closing is subject to approval of the transaction by the independent directors of CEP and a vote by PostRock's shareholders. In the PostRock vote, White Deer has pledged the support of its 45% voting interest. PostRock and CEP both have the majority of their assets and operations in the Cherokee Basin of Kansas and Oklahoma. Full Article
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