Constellation Energy Partners LLC

The MLP Constellation Energy Partners LLC, Houston, (NYSE: CEP) has retained Tudor, Pickering, Holt & Co. Securities Inc. to seek strategic alternatives. Constellation Energy Partners president and chief executive Stephen R. Brunner says, "Given the current market environment and the recent merger announcement by our sponsor, Constellation Energy Group, we believe the assistance of Tudor, Pickering, Holt & Co. Securities will be helpful in our efforts to conduct a comprehensive review of our strategic options." The company noted that it has not determined to pursue any particular alternative and that it does not intend to disclose developments until its board has approved a course of action. Global energy provider MidAmerican Energy Holdings Co., Des Moines, Iowa, owned by Warren Buffett's Berkshire Hathaway, announced plans to acquire Constellation Energy Group, Baltimore, (NYSE: CEG) an integrated utility company facing liquidity constraints, for approximately $4.7 billion in stock in mid-September. CEG owns a 28% stake in the MLP. As of June 30, Constellation Energy Partners' assets include 125 billion cubic feet equivalent proved reserves in the Black Warrior Basin in Alabama with more than 59,000 net acres and 498 producing wells; 205 billion proved in the Cherokee Basin in Oklahoma and Kansas with more 690,000 net acres and 1,520 producing wells; and nonoperated working interest in 83 wells (nine net) in the Woodford shale in Oklahoma with 12 billion proved. The company reports holding more than 3,000 low-risk, low-cost drilling opportunities.