constellation energy partner (CEP) Key Developments
PsomasFMG and Constellation Agree to Develop Solar Projects in California
Jul 16 14
PsomasFMG, LLC and Constellation Energy Resources, LLC have announced an agreement to develop up to 50MW of solar distributed generation projects for California-area schools and municipalities through the end of 2015. The agreement calls for Constellation to provide financing to build, own and operate the solar power systems and sell the electricity generated by the systems to customers through power purchase agreements.
PsomasFMG and Constellation Unveil 976kW DC Solar Project in Palmdale
Jul 15 14
PsomasFMG, LLC and Constellation Energy Resources, LLC have unveiled a 976kW DC solar generation project in Palmdale. Located at Palmdale's Civic Center, DryTown Water Park and Marie Kerr Park, the system is designed to generate more than 1,580 megawatt-hours of electricity per year and meet nearly 70% of the electricity needs for the three sites. The solar project required no upfront capital from the city. Solar firm PsomasFMG worked with the city to develop the project. Energy products and services company Constellation financed the project's development and will own and operate the system. Palmdale will purchase the electricity generated by the system at a fixed-rate through a 20-year power purchase agreement with Constellation.
Constellation Energy Partners Settles Litigation with Constellation Energy Partners Holdings
Jun 26 14
Constellation Energy Partners has settled the lawsuit brought against the company by Constellation Energy Partners Holdings. In conjunction with the settlement, Constellation Energy Partners has paid Constellation Energy Partners Holdings $1.65 million in exchange for all of the Class C member interests and Class D interests held by Constellation Energy Partners Holdings, which account for all of the Class C and Class D interests issued by Constellation Energy Partners. Effective with the acquisition from Constellation Energy Partners Holdings, Constellation Energy Partners cancelled the Class C and Class D interests. As a result of the settlement, the settling parties agree to file for dismissal of the litigation with prejudice.
Constellation Energy Partners LLC Reports Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2014; Provides Capital Spending and Operating Guidance for the Year 2014
May 15 14
Constellation Energy Partners LLC reported consolidated earnings and operating results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenue of $11.741 million against $5.100 million a year ago. Loss from continuing operations was $2.939 million or $0.04 per class A basic and diluted unit and $0.10 per class B basic and diluted unit against $10.646 million or $0.44 per class A basic and diluted unit and $0.44 per class B basic and diluted unit a year ago. Net loss was $2.939 million or $0.04 per class A basic and diluted unit and $0.10 per class B basic and diluted unit against net loss of $13.332 million or $0.55 per class A basic and diluted unit and $0.55 per class B basic and diluted unit a year ago. Adjusted EBITDA was $7.026 million against $5.307 million a year ago. The company completed 7 net wells and recompletions using $2.7 million in cash flow from operations during the first quarter 2014.
The company produced 372 MBOE during the first quarter 2014 for average net production of 4,131 BOE per day for the quarter, which is an increase of 11% compared to the first quarter 2013 production from continuing operations. Net oil and liquids production for the first quarter 2014, which accounted for approximately 22% of the company's total production during quarter, was 907 barrels per day, which represents an increase in net oil and liquids production of approximately 24% over the prior quarter and 71% over the first quarter of 2013. Drilling activities in 2014 continue to focus on oil potential in the company's existing asset base as well as capital efficient recompletions. The company finished the first quarter 2014 with one net well in progress.
The company forecasts capital spending of between $20.0 million and $22.0 million in 2014. The company forecasts maintenance capital of $23.0 million in 2014. Net production is forecast to range between 1,346 MBOE and 1,552 MBOE for 2014, with operating costs forecast to range between $33.3 million and $37.3 million for the year. For the remainder of 2014, the company has hedged approximately 4.8 Bcfe of its Mid-Continent natural gas production at an effective NYMEX fixed price of $5.75 per Mcfe with basis hedges on 3.3 Bcfe of this amount at an average differential of $0.39 per Mcfe. Including the oil hedges executed in April 2014, the company also has hedges in place on approximately 214 MBbl of its 2014 oil production at a fixed price of $95.53 per barrel.
Constellation Energy Partners LLC to Report Q1, 2014 Results on May 15, 2014
May 7 14
Constellation Energy Partners LLC announced that they will report Q1, 2014 results at 5:00 PM, Eastern Standard Time on May 15, 2014