Reaffirms 2008 Forecast
BALTIMORE, March 13 /PRNewswire-FirstCall/ -- To position the company
for its next phase of growth, Constellation Energy Partners LLC (NYSE: CEP)
today announced several key leadership changes, all effective March 14,
2008. Chief Operating Officer Stephen R. Brunner will assume the role of
president and chief executive officer (CEO). Brunner will also become a
non-voting advisory member of the Board of Managers. Felix J. Dawson,
president and CEO during the company's first year of operation as a public
company, will remain chairman of the Board of Managers.
"Stephen's extensive background in the E&P business has significantly
broadened and strengthened our leadership team. His promotion to president
and CEO is a reflection of the leadership he brings to help us maximize the
growth potential of our expanded asset base, as well as our company's
continued commitment to increase operational expertise as we add to our
portfolio," said Felix Dawson, chairman of the Board of Managers. "I have
worked closely with Stephen to prepare him for this post, and I plan to
continue to do so over the coming months to ensure a smooth transition. The
Board of Managers of CEP has complete confidence in Stephen's ability to
lead the continued growth of the company while focusing on operational
efficiency, and I will continue to be involved in strategy and major
decision making as Board chairman."
Charles "Chuck" C. Ward has been named chief financial officer (CFO)
and treasurer, and Michael B. Hiney, who has served as controller since
prior to the company's initial public offering, has been named chief
accounting officer (CAO).
"Both Chuck and Mike have been heavily involved in CEP activities since
prior to our initial public offering," remarked Dawson. "Their experience
in their respective functions and their knowledge of the company will serve
CEP well as we continue to expand our asset base."
In addition, Angela A. Minas has decided to resign from her role as
CFO, CAO and treasurer. "We want to thank and recognize Angela for her
tireless efforts and valuable contributions to CEP during our start-up,"
said Dawson. "We appreciate her dedication in bringing CEP to market and
delivering a successful first year and setting a foundation for the future
growth of the company. We wish her well in future endeavors.
"We anticipate a seamless management transition as all of these
individuals have been highly involved in CEP's business, working directly
with the company or as part of the large support team from our sponsor,
Constellation Energy," Dawson said. "As a management team, Stephen, Chuck,
and Mike will provide CEP with the solid leadership required to deliver
consistent operational and financial performance. The collective experience
and continuity of the leadership team and the continued support of our
sponsor, Constellation Energy, will allow CEP to remain focused on its
growth and operational objectives."
The company also announced it is reaffirming its previously issued 2008
forecast.
"We've made substantial progress on reprioritizing the efforts of the
organization to deliver capital efficient production growth and focus on
maximizing the value from our attractive asset base," said Brunner.
"Operationally, we are progressing with our drilling programs in both
basins. In the Black Warrior Basin we have completed six wells, with nine
in progress, and expect the full 2008 program to be completed by the end of
the second quarter. In the Cherokee Basin we have initiated a two rig
program with one focused on verticals and the second focused on
horizontals. Year-to-date we have completed 22 wells, with five in
progress, and recompleted 13 wells. The drilling and production results
across the portfolio provide confidence that we are well-positioned to
deliver on our 2008 forecast and growth objectives."
Brunner currently serves as chief operating officer and has more than
25 years of experience operating oil and gas properties both domestically
and internationally. Prior to joining Constellation Energy Commodities
Group, Inc., he most recently served as the executive vice president of
operations for Pogo Producing Company, where he was responsible for all
aspects of exploration, production, acquisition and divestiture activity
for seven business units in the United States, Canada, New Zealand and
Vietnam. During his 13-year tenure at Pogo, Brunner served as vice
president of operations, overseeing both domestic and international
operations. He also served as the resident manager of Thaipo Limited, a
subsidiary of Pogo, as well as offshore operations manager. Prior to his
career with Pogo, he worked for Zilkha Energy Company, Chevron Corporation
and Tenneco Oil Company. He earned a Bachelor of Science degree in
petroleum engineering from Louisiana Tech University in 1981.
Ward currently serves as a vice president of Constellation Energy
Commodities Group, Inc. He has an extensive background in energy and
structured finance and has been instrumental in the various finance
activities at CEP including playing a key part in the company's initial
public offering. Prior to joining Constellation Energy Commodities Group,
Inc., in 2005, Ward held finance and asset management positions at Enron
North America, El Paso Energy, and Tenneco. Ward earned an MBA from Rice
University in 1992 and a BS in accounting from the University of Houston in
1987.
Hiney has been the controller of CEP since prior to the company's
initial public offering in November 2006 and brings over 18 years of E&P
accounting experience to the role. Prior to joining Constellation Energy
Commodities Group, Inc., in 2006, Hiney served in various roles at El Paso
Exploration & Production Company for 16 years, including assistant
controller, director of financial reporting, and manager of financial
reporting and general accounting. Hiney earned an MBA from Rice University
in 1999 and a BS in business administration from Oklahoma State University
in 1990.
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.
SOURCE Constellation Energy Partners LLC
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Related links:
http://www.constellationenergypartners.com
http://www.prnewswire.com/comp/084087.html /
CONTACT:
Media, Lawrence McDonnell, +1-410-470-7433,
or Investors, Tonya Cultice, +1-410 470-5619, both of
Constellation Energy Partners LLC
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