Constellation Energy Partners to consider strategic alternatives

By Lisa Kerner

Charlotte, N.C., Sept. 30 - Constellation Energy Partners LLC said it will review strategic alternatives to enhance unitholder value with the assistance of Tudor, Pickering, Holt & Co.

In making the announcement, president and chief executive officer Stephen R. Brunner noted the current market environment as well as the recent merger announcement of the company's sponsor, Constellation Energy Group, Inc.

Constellation Energy Partners' board of managers has not decided to pursue any particular alternative, a company news release said.

The board said it does not intend to provide updates on the review unless and until it has approved a course of action.

Constellation Energy Group, a Baltimore energy products provider, announced that one of its shareholders, EDF International, a subsidiary of Électricité de France International, SA, offered to acquire the company for $35.00 per share on Sept. 19. The EDF Group is an integrated energy company based in Paris.

Constellation Energy Group's board of directors has not responded to EDF's offer but has approved an agreement to be acquired by MidAmerican Energy Holdings Co. for approximately $4.7 billion, or $26.50 cash per share, it was previously reported. MidAmerican Energy is an energy services provider located in Des Moines.

Constellation Energy Partners is a Houston-based acquirer, developer and producer of oil and natural gas properties and related midstream assets.

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