2011-01-14-2010-12-22-2010-12-22

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$5.9MM
Description

Bought nonoperated properties in N KS & S NE, gaining 126 BOE/d, 170,000 BOE proved.

Houston-based Constellation Energy Partners LLC (NYSE: CEP) has acquired certain nonoperated oil properties in northern Kansas and southern Nebraska from an undisclosed seller for approximately $5.9 million.

The properties currently produce approximately 126 barrels of oil equivalent (BOE) per day from 36 wells. Proved reserves are estimated to be 170,000 BOE, of which approximately 81% are classified as proved developed producing. The transaction closed Dec. 21, and was funded with cash on hand.

"This transaction expands our Midcontinent asset base while at the same time adding oil to our production mix," says Stephen R. Brunner, president and chief executive, Constellation Energy Partners. "We'll continue to look for opportunities to acquire assets with similar characteristics in transactions that are accretive to our unitholders."