Constellation Energy Partners LLC (CEP) announced Feb. 4 that it has executed a definitive agreement to sell its Robinson’s Bend Field assets and operations, which are located in the Black Warrior Basin in Tuscaloosa County, Alabama, to a subsidiary of Castleton Commodities International LLC.
The sale encompasses more than 500 operating natural gas wells in the Robinson’s Bend Field, together with related leasehold interests and infrastructure.
The transaction is expected to close in the first quarter of 2013 and will have an effective date of December 1, 2012. CEP anticipates that net proceeds received in the transaction will be used to reduce outstanding debt.
Lantana Oil & Gas Partners Inc. was divestment advisor to CEP for the sales process. Stifel provided a fairness opinion to the company’s board of managers in connection with the transaction.
Constellation Energy Partners LLC is a limited liability company focused on the acquisition, development and production of oil and natural gas properties, as well as on related midstream assets.
Castleton Commodities International LLC (formerly Louis Dreyfus Highbridge Energy) is a global commodities merchant with an integrated set of operations consisting of the marketing and merchandising of commodities and the ownership, operations, and development of commodities-related upstream and infrastructure assets.