Constellation Energy Partners: Court Approves Settlement In Alabama Lawsuit
Constellation Energy Partners LLC (NYSE Arca: CEP) today announced that
the Circuit Court of Tuscaloosa County, Alabama has approved the
settlement between the company, Trust Venture Company, LLC, and Torch
Constellation Energy Partners LLC (NYSE Arca: CEP) today announced that the Circuit Court of Tuscaloosa County, Alabama has approved the settlement between the company, Trust Venture Company, LLC, and Torch Energy Royalty Trust (“Trust”). In its order, the court acknowledged receiving the report from counsel for the trustee of the Trust that no objections to the proposed settlement had been received, confirmed after review that the settlement is fair, reasonable and adequate, and ordered that the derivative lawsuit that is the subject of the settlement be dismissed, with prejudice. The anticipated effective date of the settlement is June 13, 2011, absent appeal of the court’s order. Additional information about the lawsuit and settlement can be found in the company’s filings with the Securities and Exchange Commission and on the company’s Web site ( http://www.constellationenergypartners.com). About the Company Constellation Energy Partners LLC is a limited liability company focused on the acquisition, development and production of oil and natural gas properties, as well as related midstream assets. Forward-Looking Statements We make statements in this news release that are considered forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These forward-looking statements are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control, including, without limitation, any appeal of the court’s order. In addition, management's assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this news release are not guarantees of future performance, and we cannot assure you that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the "Risk Factors" section in our SEC filings and elsewhere in those filings. All forward-looking statements speak only as of the date of this news release. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
Shares of Constellation Energy Partners (AMEX:CEP) have taken a tremendous swing upward. The stock is trading at $3.10 as of 9:34 a.m. ET, 21.1% above Tuesday's closing price of $2.56. Volume is at 38,204, 0.7 times the daily average of 58,200.