Castleton Commodities Upstream LLC executed a definitive agreement to acquire Robinson's Bend Production II, LLC and Robinson’s Bend Operating II, LLC from Constellation Energy Partners LLC (AMEX:CEP) for $63 million on February 1, 2013. The consideration is $63 million plus adjustments for income and expenses relating to operating the Robinson’s Bend assets since December 1, 2012, assumed obligations relating to the entities’ assets, certain post-closing environmental ... costs anticipated to be incurred by Castleton Commodities Upstream LLC, and any title defects and benefits. Castleton Commodities Upstream is required to place into escrow a deposit in the amount of $3.15 million. The transaction is subject to satisfaction of the conditions precedent, which includes accuracy of representations and warranties, material compliance with all covenants in the agreement, no legal proceedings prohibiting consummation of the transaction and all consents and approvals having been obtained. The transaction is expected to close on February 28, 2013. David Millar and Lauren Steinberg of RLM Finsbury acted as PR advisor for Castleton. Lantana Oil & Gas Partners acted as financial advisor for Constellation Energy Partners LLC. Chris Shebby, Pat Keeley, James Lee, Brandon Calvo, Aakash Butula and Ling Chang of Stifel, Nicolaus & Company, Incorporated acted as fairness opinion provider to Constellation Energy Partners' Board of managers. Cheryl Phillips, Scott Olson and Allison Mantor of Andrews Kurth LLP acted as legal advisors for Constellation Energy Partners.
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