Constellation Energy Partners’ Borrowing Base Increased to $70 Million
HOUSTON -- May 6, 2014
Constellation Energy Partners LLC (NYSE MKT: CEP) today reported that its
lenders have completed a semi-annual review of the company’s borrowing base
pursuant to the terms of its reserve-based credit facility. Based on this
review, the borrowing base has been increased from $55.0 million to $70.0
Borrowings outstanding under the company’s reserve-based credit facility
currently total approximately $52.0 million, leaving the company with
approximately $18.0 million in borrowing capacity. The company maintained $2.9
million in cash and equivalents as of May 5, 2014.
Additional details concerning the company’s reserve-based credit facility can
be found in the company’s filings with the Securities and Exchange Commission
and on the company’s Web site (http://www.constellationenergypartners.com).
About the Company
Constellation Energy Partners LLC is a limited liability company focused on
the acquisition, development and production of oil and natural gas properties,
as well as related midstream assets.
We make statements in this news release that are considered forward-looking
statements within the meaning of the Securities Act of 1933 and 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. These cautionary statements qualify all
forward-looking statements attributable to us or persons acting on our behalf.
Constellation Energy Partners LLC
Charles C. Ward, 877.847.0009
General Inquiries: 877.847.0008
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