Constellation Energy Partners LLC (CEP)

[OilStockReport]

Constellation Energy Partners is an MLP which has not participated in the enormous MLP rally. Its business is the development and production of oil and natural gas properties. Approximately 99% of the production is natural gas, which is recovered from coalbed methane proved reserves and are located in the Black Warrior Basin in Alabama, the Cherokee Basin in Kansas and the Woodford Shale in the Arkoma Basin in Oklahoma. It has total estimated reserves of 549 Bcfe (the unit of measure), including proved reserves of 254 Bcfe. Additional investment highlights for CEP are:

* Ample long term drilling opportunities
* Operations concentrated in low risk basins
* Predictable production profile
* Active hedging program