Constellation Sells Assets

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

Sale of Robinson's Bend Field assets and operations in Black Warrior Basin in Tuscaloosa County, Alabama.

Constellation Energy Partners LLC (NYSE MKT: CEP) plans to sell its 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 for an undisclosed amount.

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 Dec. 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.