BALTIMORE, July 25 /PRNewswire-FirstCall/ -- Constellation Energy Partners LLC today announced that it has closed its previously announced acquisition of AMVEST Osage, Inc, a subsidiary of AMVEST Corporation, a privately held company, for an aggregate purchase price of approximately $240 million.
"This acquisition is immediately accretive to distributable cash flow per unit. It is an excellent fit with our existing portfolio and enhances our position as one of the top producers in the Cherokee Basin," said Felix Dawson, chief executive officer of Constellation Energy Partners. "The acquisition also provides potential opportunities for operational synergies and better positions us for further acquisition growth."
Constellation Energy Partners completed this acquisition simultaneously with the closing of an approximate $210 million private placement of common and Class F units to third party investors. The proceeds of the equity private placement, together with funds available under the company's revolving credit facility, fully funded the purchase price of the acquisition.
Constellation Energy Partners was formed -- and is partly owned -- by Constellation Energy , a Fortune 200 energy company with 2006 annual revenues of $19.3 billion.
Constellation Energy Partners LLC (http://www.constellationenergypartners.com/) is a limited liability company focused on the acquisition, development and production of oil and natural gas properties, as well as related midstream assets.
Forward-Looking Statements
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