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Constellation Energy Partners, Ltd. Şti. Message Board

  • alvinsch00 alvinsch00 Dec 21, 2010 7:17 PM Flag

    CEP acquires oil properties

    HOUSTON--(BUSINESS WIRE)-- Constellation Energy Partners LLC (NYSE Arca:CEP - News) today announced that it has acquired from a private seller, effective Nov. 1, 2010, non-operated oil properties in northern Kansas and southern Nebraska for a purchase price of approximately $5.9 million. The properties currently produce approximately 126 barrels of oil equivalent per day from 36 wells. Proved reserves are estimated to be 170,000 barrels of oil equivalent, of which approximately 81% are classified as proved developed producing. The transaction closed Dec. 21, 2010 and was funded with cash on hand.

    “This transaction expands our Mid-Continent asset base while at the same time adding oil to our production mix,” said Stephen R. Brunner, President and Chief Executive Officer of Constellation Energy Partners. “We’ll continue to look for opportunities to acquire assets with similar characteristics in transactions that are accretive to our unitholders.”

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