Constellation Energy Partners LLC (NYSE Amex: CEP) today reported fourth quarter and full year 2011 results. The company produced 3,296 MMcfe during the fourth quarter, for average daily net production of 35.8 MMcfe for the quarter and 37.5 MMcfe for the full year 2011. Net oil production for the fourth quarter was 315 barrels per day, which represents an increase of approximately 81% compared to the fourth quarter of 2010. For the full year 2011, approximately 95% of the company’s production was natural gas and 5% of the company’s production was oil. During 2010, approximately 98% of the company’s production was natural gas and 2% of the company’s production was oil. Revenue totaled $33.5 million for the fourth quarter 2011 and $105.2 million for the full year 2011. Included in total revenue for the full year 2011 is revenue from sales of $57.2 million, of which approximately 82% was from natural gas sales and 18% was from oil sales. The balance of the company’s full year 2011 total revenue came from hedge settlements ($82.7 million), services provided to third parties ($4.7 million), and losses on mark-to-market activities ($39.4 million), which is a non-cash item. During 2010, approximately 92% of the company’s sales revenue was from natural gas sales and 8% was from oil sales. Operating costs, which include lease operating expenses, production taxes and general and administrative expenses, net of certain non-cash items, averaged $3.26 per Mcfe for the fourth quarter and $3.37 per Mcfe for the full year 2011, which is a 3% improvement compared to the $3.49 per Mcfe the company posted for operating costs for the full year 2010. Adjusted EBITDA for the fourth quarter 2011 was $13.8 million, an improvement of 9% compared to the third quarter 2011. For the full year 2011, Adjusted EBITDA was $96.7 million, which includes $41.3 million in hedge settlements related to the hedge restructuring that the company announced in June 2011.