Constellation Energy Partners LLC, Baltimore, (NYSE: CEP) plans to acquire certain coalbed-methane properties from EnergyQuest Resources LP, a portfolio company of Houston-based private-equity firm Quantum Energy Partners, for $115
million. The properties include 550 producing wells on 96,000 gross acres in the Cherokee Basin in Kansas and Oklahoma. Bullseye Operating LLC is operator on a portion of the assets. The properties also feature more than 500 miles of gathering systems. Net production is 7.9 million cubic feet of gas equivalent per day (75% operated). Proved reserves are approximately 49 billion cubic feet. Constellation chief executive Felix Dawson says, “The Cherokee Basin properties are an excellent fit with our existing asset portfolio and allow us to extend our focus and geographic footprint in coalbed methane.” Constellation will fund the deal with proceeds from an equity private placement and funds from its revolving credit facility. Simmons & Co. International and Griffis & Associates LLC are financial advisors to EnergyQuest. The deal is expected to close in mid-April
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