Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Guess who bought 14 million shares of Constellation Energy, Buffett/Berkshire... hmmm...
Obviously, this has been a victim of market circumstances... sad.
Holly smokes
Always a chance OM, always...
The intermediate-term trend is down with the short-term trend being up. There's no price resistance until the 21 area with support being at 16.50.
The intermediate-term downtrend was very strong but that's changing with the ADX trending down now from being as high as 47. This suggest to give weight to the momemtum-based indicators. That being the case, all of the "mo" indicators I use are turing up or have turned up from oversold levels on the weekly charts.
My conclusion is until Constellation gets to down trendline resistance, it's good to accumulate this stock on weakness between its 5-day EMA and 21-day MA. This tactic would have you buying the dips in the short-term trend.
GL!
Any chance of this thing coming down Frenchee?
Bring her down Frenchee!
Looks like the short-term bottom is in. Need a decisive close > 18.80 to confirm this supposition.
thats a good chunk, and im pretty sure that they and others will be adding...
Between LaBranche, Swank and Lehman that is over 5 Million of the 21 Million units tied up in firm hands
i think we all can agree on that!
Was really hoping to see Frenchee's $13.29 come first..Solid company with a heck of a yield!
yes volume and pps
local company for me, so i have a vested interest in keeping it strong and healthy for my area....
Nice spike yesterday afternoon!
ty man! i will do so
13.29 is current price objective using P&F chart--see iBox.
Form 8-K for CONSTELLATION ENERGY PARTNERS LLC
13-Mar-2008
Change in Directors or Principal Officers, Financial Statements
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 12, 2008, the Board of Managers of Constellation Energy Partners LLC (the "Company") appointed Stephen R. Brunner, the Chief Operating Officer of the Company since February 2008, President and Chief Executive Officer of the Company, effective March 14, 2008. Mr. Brunner will succeed Felix J. Dawson, who will remain Chairman of the Board of Managers of the Company. Mr. Brunner will remain the Chief Operating Officer of the Company and a Managing Director of Constellation Energy Commodities Group, Inc. ("CCG"). He will also become a non-voting advisory member of the Board of Managers. Mr. Brunner, age 49, served as Executive Vice President, Operations of Pogo Producing Company, an oil and gas exploration company, from 2001 until November 2007.
On March 7, 2008, Angela A. Minas resigned as Chief Financial Officer, Chief Accounting Officer and Treasurer of the Company effective March 14, 2008. In connection with the resignation of Ms. Minas, effective March 14, 2008, the Board of Managers appointed Charles C. Ward as Chief Financial Officer and Treasurer of the Company and Michael B. Hiney as Chief Accounting Officer of the Company. Mr. Ward, age 47, has served as a Vice President of CCG since November 2005. Prior to that time, he was a Vice President of Enron North America Corp. from March 2000 to November 2005. Mr. Hiney, age 39, has served as the Controller of the Company and a Vice President of CCG since July 2006. Prior to joining the Company, he was a Director and Assistant Controller of El Paso Exploration & Production Company from 2004 to June 2006 and a Director - Financial Reporting of El Paso Exploration & Production Company from 2001 to 2004.
A copy of the Company's press release announcing the management changes is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
new CEO for constellation
AP
Constellation Energy Names Pres. and CEO
Thursday March 13, 5:26 pm ET
Constellation Energy Names COO Stephen R. Brunner President and Chief Executive
BALTIMORE (AP) -- Constellation Energy Partners LLC said Thursday that Chief Operating Officer Stephen R. Brunner will also become the company's president and chief executive.
Brunner, 49, will also be a nonvoting advisory member of the board of managers, replacing Felix J. Dawson, who was president and CEO during Constellation's first year of operation as a public company and who will remain chairman of the board of managers.
In other personnel changes, Charles C. Ward was named chief financial officer and treasurer. Michael B. Hiney, who has been controller since before the company's initial public offering, will be chief accounting officer. Angela A. Minas, who was CFO, CAO and Treasurer is resigning.
Shares of Constellation Energy, which focuses on buying, developing and production in oil and natural gas properties, closed down 15 cents at $19.
CEP financials link
http://finance.yahoo.com/q/is?s=cep
* perhaps the start of a double bottom...
* check out VDSI. it has better short-term upside potential at the moment #board-12084
lol here u are again frenchee.....this is another local company for me, so im interested...moving from bottom here maybe?
I exited a few days back. Let's see if we get a bounce on Monday...
Strange this one is still coming down Frenchee..Think it is done?
Constellation Energy Partners LLC
Mean Rating
Based on scale of 1 to 5* Current Last Month 2 Months
Ago 3 Months
Ago
Company 1.50 1.80 1.80 1.80
* Scale based on the following: 1 equals strong buy, 2 equals buy, 3 equals hold, 4 equals underperform, 5 equals sell.
This one is about as NO BRAINER as you can get Frenchee
Constellation Energy Partners Reports Solid Fourth Quarter and Full Year 2007 Results
Announces $53.4 Million Acquisition of Woodford Shale Asset from Constellation Energy Group
BALTIMORE, Feb. 20 /PRNewswire-FirstCall/ -- Constellation Energy Partners LLC (NYSE: CEP) today reported fourth quarter and full year 2007 solid results, and announced a $53.4 million dropdown acquisition of interest in producing wells located in the Woodford Shale in Oklahoma from an affiliate of its sponsor, Constellation Energy (NYSE: CEG).
The company produced 10,393 MMcfe for the full year 2007, up 124 percent from 2006 and resulting in adjusted EBITDA of $52.5 million, an increase of 128 percent over 2006. Net income on a generally accepted accounting principles (GAAP) basis for 2007 was $14.2 million. The company produced 4,212 MMcfe for the fourth quarter of 2007, resulting in adjusted EBITDA of $19.6 million and net income of $2.9 million on a GAAP basis.
The company expects 2008 adjusted EBITDA to range from $94 million to $105 million, an increase of 79 percent to 100 percent over 2007 results. Production in 2008 is expected to range from 17 Bcfe to 20 Bcfe, an increase of 64 percent to 92 percent over 2007.
In addition, CEP announced it is acquiring from an affiliate of its sponsor, Constellation Energy, non-operating interest in producing wells located in the Woodford Shale in Oklahoma, a portion of the asset originally acquired in 2004. Upon closing of the acquisition, which is expected by the end of the first quarter and subject to customary purchase price adjustments, CEP will obtain 13.1 Bcfe of proved developed producing reserves with an estimated daily net production of 5.7 MMcfe. CEP intends to finance the transaction with debt from its reserve-based lending facility.
"We delivered solid results and achieved the core objectives we identified at the start of the year," said Felix Dawson, chief executive officer. "Performance was strong throughout the year in our Black Warrior Basin asset, and through a trio of acquisitions in the Cherokee Basin, we doubled net proved reserves and tripled production. We executed well in 2007, maintaining stable cash flows and delivered on our commitment to increase distributions with a 22 percent increase announced in the fourth quarter.
"Going forward, a key to driving the sustainability of our business will be balancing acquisition driven growth and operational success, and that will be a top priority in 2008," said Dawson. "The effort to expand and strengthen our operational capabilities is well under way and we anticipate it will allow us to increase efficiency, exploit the organic growth potential of our Cherokee Basin assets and pursue consolidation opportunities in both the Cherokee and Black Warrior Basins.
"The announcement of the dropdown acquisition of the Woodford Shale asset highlights an important competitive advantage," Dawson said. "CEP has grown its portfolio in multiple ways, through basin consolidation, coalbed methane plays and now, a dropdown acquisition from our sponsor. This demonstrated flexibility in acquisition approaches is an important differentiator for CEP in the MLP sector. The ability to execute mutually beneficial dropdown transactions was one of the main commercial concepts considered when Constellation Energy formed CEP, and we think this transaction highlights the benefits of that capability. In the future, as Constellation Energy further develops its properties, we will look to make other dropdown acquisitions.
"We begin 2008 with a strong foundation for portfolio growth and a sharpened focus on our operations," Dawson said. "CEP continues to execute well overall and we're in a good position to build on our past accomplishments over the coming year."
Non-GAAP Measures
We present Adjusted EBITDA in addition to our reported net income in accordance with GAAP. Adjusted EBITDA is a non-GAAP financial measure that is defined as net income (loss) plus interest (income) expense; depreciation, depletion and amortization; write-off of deferred financing fees; impairment of long-lived assets; (gain) loss on sale of assets; (gain) loss from equity investment; accretion of asset retirement obligation; unrealized (gain) loss on natural gas derivatives; and realized (gain) loss on cancelled natural gas derivatives.
Adjusted EBITDA is used by management to indicate (prior to the establishment of any cash reserves by our board of managers) the cash distributions we expect to pay our unitholders. Specifically, this financial measure indicates to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Adjusted EBITDA is also used as a quantitative standard by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness; and our operating performance and return on capital as compared to those of other companies in our industry, without regard to financing or capital structure. Adjusted EBITDA is not intended to represent cash flows for the period, nor is it presented as a substitute for net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.
SEC Filings
CEP intends to file its 2007 Form 10-K on or about February 28, 2008.
Forward-Looking Statements
We make statements in this news release that are considered forward- looking statements within the meaning of the Securities Exchange Act of 1934. 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. 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.
Conference Call Information
The company will host a conference call today at 10:00 a.m. (ET) to review its financial results and discuss its business outlook for 2008.
To participate, analysts, investors, media and the public in the U.S. may dial (888) 322-9245 shortly before 10:00 a.m. (ET). The international phone number is (773) 756-0253. The conference password is PARTNERS.
A replay will be available approximately one hour after the end of the call by dialing (888) 457-6652 or (203) 369-1301 (international). A live audio webcast of the conference call, presentation slides and the earnings press release will be available on the Investor Relations page of Constellation Energy Partners' Web site (http://www.constellationenergypartners.com). A webcast replay, as well as a replay in downloadable MP3 format will also be available on the site approximately one hour after the completion of the call.
Constellation Energy Partners LLC, (http://www.constellationenergypartners.com), is a limited liability company focused on the acquisition, development and exploitation of oil and natural gas properties, as well as related midstream assets.
Constellation Energy Partners LLC
Operating Statistics
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
Net Production:
Total production (MMcfe) 4,212 1,250 10,393 4,641
Average daily production (Mcfe/day) 45,783 13,587 28,474 12,715
Average Sales Price per Mcfe:
Net realized price, including hedges $7.49(a) $8.61 $7.79(a) $7.95
Net realized price, excluding hedges $6.15 $6.78 $6.34 $7.43
(a) Excludes impact of mark-to-
market losses.
Net Proved Reserves:
Proved developed (Bcfe) 186.7 97.4
Proved undeveloped (Bcfe) 116.1 22.9
Total proved (Bcfe) 302.8 120.3
Net Wells Drilled and Completed 35 6 89 31
Net Recompletions - - 21 -
Constellation Energy Partners LLC
Condensed Consolidated Statements of Operations
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
($ in thousands) ($ in thousands)
Oil and gas sales $32,692 $10,763 $82,725 $36,917
(Loss) from mark-to-market
activities (4,091) - (6,856) -
Total Revenues $28,601 $10,763 $75,869 $36,917
Operating expenses:
Lease operating expenses 7,319 1,913 17,141 7,234 Cost of sales 1,132 - 1,788 -
Production taxes 1,511 443 3,646 1,783
General and administrative 3,051 1,128 9,109 4,573
Loss on sale of equipment - - 86 -
Depreciation, depletion
and amortization 10,027 1,457 23,190 7,444
Accretion expense 101 35 312 141
Total operating expenses 23,141 4,976 55,272 21,175
Other (income) expenses:
Interest (income) expense,
net 2,558 114 6,465 (247)
Other (income) (9) - (109) -
Total expenses 25,690 5,090 61,628 20,928
Net income $2,911 $5,673 $14,241 $15,989
Adjusted EBITDA $19,573 $7,106 $52,520 $23,025
EPS - Basic $0.13 $0.50 $0.87 $1.41
EPS - Basic Units
Outstanding 22,351,128 11,320,300 16,321,547 11,320,300
EPS - Diluted $0.13 $0.50 $0.87 $1.41
EPS - Diluted Units
Outstanding 22,353,691 11,320,300 16,325,508 11,320,300
Constellation Energy Partners LLC
Condensed Consolidated Balance Sheets
December 31, December 31,
2007 2006
($ in thousands)
Current assets $45,873 $26,087
Natural gas properties, net of
accumulated depreciation, depletion
and amortization 643,653 171,639
Other assets 17,129 5,971
Total assets $706,655 $203,697
Current liabilities $20,551 $9,007
Debt 153,000 22,000
Other long-term liabilities 16,702 2,730
Total liabilities 190,253 33,737
Class D Interests 7,000 8,000
Common members' equity 505,178 148,847
Accumulated other comprehensive income 4,224 13,113
Total members' equity 509,402 161,960
Total liabilities and members' equity $706,655 $203,697
Constellation Energy Partners LLC
Reconciliation of Net Income to Adjusted EBITDA
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
($ in thousands) ($ in thousands)
Reconciliation of Net Income to
Adjusted EBITDA:
Net income $2,911 $5,673 $14,241 $15,989
Add:
Interest expense/(income), net 2,558 114 6,465 (247)
Depreciation, depletion and
amortization 10,027 1,457 23,190 7,444
Accretion of asset retirement
obligation 101 35 312 141
Loss on sale of asset - - 86 -
Loss from mark-to-market activities 4,091 - 6,856 -
Long-term incentive plan 123 - 145 -
Unrealized (gain)/loss on natural gas
derivatives/hedge ineffectiveness (238) (173) 1,225 (302)
Adjusted EBITDA (1) $19,573 $7,106 $52,520 $23,025
Maintenance capital (2) 4,625 10,696
Drilling fund (1,500) (2,634)
Interest expense (cash) 3,345 5,935
Distributable Cash $13,103 $38,523
(1) Our Adjusted EBITDA should not be considered as an alternative to net
income, operating income, cash flows from operating activities or any
other measure of financial performance or liquidity presented in
accordance with GAAP. Our Adjusted EBITDA excludes some, but not all,
items that affect net income and operating income and these measures
may vary among other companies. Therefore, our Adjusted EBITDA may
not be comparable to similarly titled measures of other companies.
We define Adjusted EBITDA as net income (loss) plus:
-- interest (income) expense;
-- depreciation, depletion and amortization;
-- write-off of deferred financing fees;
-- impairment of long-lived;
-- (gain) loss on sale of assets;
-- (gain) loss from equity investment;
-- Long-term incentive plan;
-- accretion of asset retirement obligation;
-- unrealized (gain) loss on natural gas derivatives; and
-- realized loss (gain) on cancelled natural gas derivatives
(2) Maintenance capital expenditures are capital expenditures that we
expect to make on an ongoing basis to maintain our asset base
(including our undeveloped leasehold acreage) at a steady level over
the long term. These expenditures include the drilling and
completion of additional development wells to offset the expected
production decline during such period from our producing properties,
as well as additions to our inventory of unproved properties or proved
reserves required to maintain our asset base.
SOURCE Constellation Energy Partners LLC
/CONTACT: Media, Lawrence McDonnell, +1-410-470-7433, or Investors, Tonya Cultice, +1-410-470-5619, both of Constellation Energy Partners LLC
/Web site: http://www.constellationenergypartners.com
Picked up some on today's weakness...
11.08% Yield now Frenchee
Bottom feeding?
from Lehman:
INVESTMENT CONCLUSION
Shares of upstream MLPs have come under considerable pressure in recent months owing to concerns over capital markets access and the need to digest units issued in PIPE’s during 2007. Capital markets access has provided the capital needed to fund producing property acquisitions which are the impetus for distribution growth in the upstream MLP sector. CEP’s unit price has been significantly impacted by the change in market conditions.
We have increased our target yield to 8.75% from 6.25% to reflect a revaluation of risk premiums associated with upstream MLPs and a more conservative distribution growth rate. Units are currently trading at an implied yield of 11.3% based on its latest announced annual distribution of $2.25/unit which we estimate can be supported by a coverage ratio of 1.3x. Since capital access is critical to growth, positive unit price performance may be limited until conditions show signs of improving. In the meantime, we believe that the strong coverage ratio and attractive yield provide an incentive to be patient.
CEP issued approximately 10.8 million units in three separate PIPE transactions during 2007. Proceeds totaling about $375 million (~$34.70 average issue price) were used to finance acquisitions. A registration for about 2.3 million units was declared effective in December. A registration statement for the remaining 8.5 million units became effective in January. Combined, the PIPE units increased the public float to 73%, or 16.0 million units, from 47% or 5.2 million units prior.
At September 30, 2007, long-term debt was $147 million, representing 22% of book capitalization. The partnership’s credit facility is a $200-million secured revolving facility with a syndicate of commercial banks. The facility matures on October 31, 2010 and has a borrowing base of $180 million leaving $33 million available. CEP filed a $1-billion mixed securities shelf registration statement on January 30, 2008.
The shelf provides CEP with expanded acquisition financing alternatives, assuming the capital markets are receptive. We do not anticipate that CEP would need additional capital to fund its current activities.
Bottomfeeding.
Nice find Frenchee! MARKED! Will DD over the weekend!
Followers
|
4
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
231
|
Created
|
02/28/08
|
Type
|
Free
|
Moderators |
Most of our current production is natural gas, which we recover primarily from coalbed methane. Our proved reserves are located in the Black Warrior Basin in Alabama, the Cherokee Basin in Oklahoma and Kansas, the Woodford Shale in the Arkoma Basin in Oklahoma, and the Central Kansas Uplift in Kansas and Nebraska.
Our primary business objective is to create long-term value and to generate stable cash flows allowing us to resume making quarterly cash distributions to our unitholders. In the long term, we are focused on increasing the amount of our future quarterly distributions over time. We plan to achieve our objective by executing our business strategy, which is to:
|
Our proved reserves are located in the Black Warrior Basin in Alabama, the Cherokee Basin in Oklahoma and Kansas, the Woodford Shale in the Arkoma Basin in Oklahoma, and the Central Kansas Uplift in Kansas and Nebraska.Our reserves provide long-lived production, low-risk, low-cost drilling opportunities and a high percentage of proved developed reserves.Our asset base contains over 2,800 low-risk, low-cost drilling opportunities which should provide us the opportunity to organically grow our business over time. |
|
|
|
|
John R. Collins
Richard H. Bachmann
Richard S. Langdon
Hugh M. McIntosh
John N. Seitz
Stephen R. Brunner
Charles C. Ward
Michael B. Hiney
Lisa J. Mellencamp
|
The Daily View | | The Weekly View |
| |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |