Constellation Energy Partners LLC (NYSE MKT: CEP) today reported first quarter 2014 results. The company produced 372 MBOE during the first quarter 2014 for average net production of 4,131 BOE per day for the quarter, which is an increase of 11% compared to the first quarter 2013 production from continuing operations. Net oil and liquids production for the first quarter 2014, which accounted for approximately 22% of the company’s total production during quarter, was 907 barrels per day, which represents an increase in net oil and liquids production of approximately 24% over the prior quarter and 71% over the first quarter of 2013. Revenue of $11.7 million for the first quarter 2014 includes revenue from sales of $15.0 million, of which approximately 44% was from oil and liquids sales and 56% was from natural gas sales. The balance of the company’s first quarter 2014 revenue came from hedge settlements ($0.9 million), services provided to third parties ($0.8 million), and losses on mark-to-market activities ($5.0 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 $25.18 per BOE in the first quarter 2014, a 5% increase when compared to first quarter 2013 operating costs of $23.98 per BOE, adjusted for non-recurring items. Adjusted EBITDA for the first quarter 2014 was approximately $7.0 million, which is a 17% improvement when compared to results from continuing operations, adjusted for non-recurring items, for the first quarter 2013. The company completed 7 net wells and recompletions using $2.7 million in cash flow from operations during the first quarter 2014. Drilling activities in 2014 continue to focus on oil potential in the company’s existing asset base as well as capital efficient recompletions. The company finished the first quarter 2014 with one net well in progress.