Baltimore-based Constellation Energy Partners LLC, reported its first-quarter results for 2007, which included an adjusted earnings before interest, taxes, depreciation and amortization of $7.2 million.
Based on these results and the incorporation of the acquisition of coal bed methane properties in the Cherokee Basin in Kansas and Oklahoma, CEP has changed its total 2007 forecast. For the year, CEP originally projected between $31 million and $34.2 million, but now has increased the projection to between $40 million and $44 million.
“Drilling performance continues to be on track and we have successfully completed our acquisition of coalbed methane properties in the Cherokee Basin,” Felix Dawson, chief executive officer of Constellation Energy Partners, said in a statement. “This acquisition fits in well with our strengths. We?re confident CEP is on a course to become a leader in the E&P MLP sector.”
