This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Constellation Energy Partners Reports Third Quarter 2010 Results

Constellation Energy Partners LLC (NYSE Arca: CEP) today reported third quarter 2010 results.

The company produced 3,758 MMcfe during the quarter, for average daily net production of 40.8 MMcfe, and 11,363 MMcfe for the year-to-date ending September 30, 2010. Operating costs, which include lease operating expenses, production taxes and general and administrative expenses, net of certain non-cash items, averaged $3.52 per Mcfe during the quarter and $3.44 for the year-to-date.

During the quarter, the company completed 10 net wells and recompletions in the Cherokee Basin with total capital spending of $3.6 million. Through September 30, 2010, the company completed 18 net wells and recompletions and had an additional 17 net wells and recompletions in progress, all in the Cherokee Basin.

The company recorded net income before charges of $3.3 million for the quarter, which excludes a $270.4 million non-cash impairment charge related to Cherokee Basin and Woodford Shale assets. Adjusted EBITDA for the quarter was $12.9 million. For the year-to-date, Adjusted EBITDA was $42.5 million.

“Our operating performance continues to be in line with our 2010 forecast, which has allowed us to reduce our debt by $23.5 million so far this year” said Stephen R. Brunner, President and Chief Executive Officer of Constellation Energy Partners. “Although today’s natural gas price environment has caused us to recognize a non-cash impairment charge on some of our acquired assets, we’re still confident about the opportunities in our existing asset base, our competitive position in the two basins in which we operate, our hedge position through 2014, and our prospects for the long-term.”

Liquidity Update

The company had a cash balance of $13.2 million as of September 30, 2010. Outstanding debt under the company’s credit facility currently totals $171.5 million, leaving the company with $33.5 million in available borrowing capacity at the company’s current borrowing base of $205 million.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs