|
Article Excerpt
HOUSTON -- Constellation Energy Partners LLC (NYSE Arca: CEP) today reported second quarter 2009 results.
The company produced 4,242 MMcfe for the second quarter 2009, resulting in Adjusted EBITDA of $17.0 million. During the quarter, the company completed 30 net wells and 1 net recompletion with total capital spending of $6.2 million. The company finished the quarter with one well in progress. Operating expenses, which include lease operating expenses, production taxes and general and administrative expenses, totaled $13.2 million for the quarter.
On a GAAP basis for the second quarter 2009, the company reported a loss of $16.7 million, which includes a net loss from mark-to-market activities of $12.1 million.
"We had a solid second quarter in our operations," said Stephen R. Brunner, President and Chief Executive Officer of Constellation Energy Partners. "Average daily net production for the second quarter was 46.6 MMcfe, resulting in a daily average of 47.5 MMcfe for the six months ending June 2009, and operating costs averaged $3.10 per Mcfe during the quarter, resulting in an average of $3.28 per Mcfe for the same six month period. These results are in line with our forecast for 2009, and we're pleased with the performance of our assets."
Liquidity Update
As of June 30, 2009, outstanding debt under the company's credit agreements...
|
|
More articles from Business Wire
Innovative Biosensors, Inc. (IBI) Announces Departure of President & C..., August 10, 2009
Insured Municipal Income Fund Inc. - Support the Incumbent Directors f..., August 10, 2009
American HomePatient Reports Financial Results for the Second Quarter ..., August 10, 2009
The Middleby Corporation Schedules Second Quarter Earnings Release and..., August 10, 2009
Migami, Inc. Announces Signing of Letter of Intent for Business Combin..., August 10, 2009
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
|
