Replies to post #87 on Constellation Energy Partners LLC (CEP)

[Timothy Smith]

Financial Outlook for 2012

The company forecasts capital spending of between $15.0 million and $19.0 million in 2012. Of this amount, $15.0 million is maintenance capital.

Net production is forecast to range between 13.3 and 14.1 Bcfe for 2012, with operating costs forecast to range between $42.5 million and $46.0 million for the year.

The company has hedged approximately 78% of the midpoint of its production forecast, including hedges for the balance of 2012 on 3.1 Bcfe of its Mid-Continent natural gas production at an average price, including basis, of $4.62 per Mcfe, 2.4 Bcfe of its remaining natural gas production at an average price of $5.18 per Mcfe, and 46 MBbl of its oil production at an average price of $103.53 per barrel.

Additional detail on the company’s 2012 forecast can be found in the tables included with the company’s fourth quarter and full year 2011 news release dated Feb. 29, 2012.