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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Constellation Energy Partners Reports Fourth Quarter And Full Year 2012 Results; Alabama Asset Sale Results In Lower Debt

Constellation Energy Partners LLC (NYSE MKT: CEP) today reported fourth quarter and full year 2012 results.

The company produced 3,119 MMcfe during the fourth quarter, for average daily net production of 33.9 MMcfe for the quarter and 34.5 MMcfe for the full year 2012. Net oil production for the fourth quarter was 396 barrels per day, which represents an increase of approximately 45% compared to the third quarter of 2012. For the full year 2012, net oil production averaged 329 barrels per day, an increase of approximately 14% compared to the full year 2011. During 2012, approximately 94% of the company’s production was natural gas and 6% of the company’s production was oil.

Revenue totaled $17.3 million for the fourth quarter 2012 and $59.3 million for the full year 2012. Included in total revenue for the full year 2012 is revenue from sales of $40.5 million, of which approximately 71% was from natural gas sales and 29% was from oil sales. During 2011, approximately 82% of the company’s sales revenue was from natural gas sales and 18% was from oil sales. The balance of the company’s full year 2012 total revenue came from hedge settlements ($24.4 million), services provided to third parties ($3.2 million), and losses on mark-to-market activities ($8.7 million), which is a non-cash item.

Operating costs, which include lease operating expenses, production taxes and general and administrative expenses, net of certain non-cash items, averaged $3.38 per Mcfe for the fourth quarter and $3.37 per Mcfe for the full year 2012, which is unchanged compared to full year 2011 operating costs.

Adjusted EBITDA for the fourth quarter 2012 was $6.6 million, an improvement of 18% compared to the third quarter 2012. For the full year 2012, Adjusted EBITDA was $24.5 million. For the full year 2011, Adjusted EBITDA was $96.6 million, which includes $41.3 million in hedge settlements related to the hedge restructuring that the company completed in June 2011.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,986.90 +26.33 0.16%
S&P 500 1,979.41 +1.07 0.05%
NASDAQ 4,448.6620 -0.9020 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs