Constellation Energy acquires oil properties in Kansas and Nebraska

Constellation Energy Partners LLC has acquired from a private seller, non-operated oil properties in northern Kansas and southern Nebraska for a purchase price of approximately $5.9 million.
The acquisition is effective November 1, 2010. The properties currently produce approximately 126 barrels of oil equivalent per day from 36 wells. Proved reserves are estimated to be 170,000 barrels of oil equivalent, of which approximately 81% are classified as proved developed producing. The transaction closed December 21, 2010 and was funded with cash on hand, Constellation said.
"This transaction expands our Mid-Continent asset base while at the same time adding oil to our production mix," said Stephen R. Brunner, President and CEO of Constellation Energy Partners. "We'll continue to look for opportunities to acquire assets with similar characteristics in transactions that are accretive to our unitholders."
Source: Press release