HOUSTON, July 23 /PRNewswire-FirstCall/ -- Constellation Energy
Partners LLC (NYSE: CEP) today announced a cash distribution for the
quarter ended June 30, 2008 of $0.5625 per outstanding common unit and
Class A unit, or $2.25 per unit on an annualized basis. The distribution
will be payable on August 14, 2008 to unitholders of record at the close of
business on Aug. 7, 2008. No distribution will be made to the Class D
unitholder for the same period as distributions to the Class D unitholder
were suspended in connection with the arbitration proceeding surrounding
the net profits interest held by Torch Energy Royalty Trust.
As a result of the ruling in the arbitration proceeding announced on
July 18, 2008, quarterly distributions to the Class D unitholder in the
amount of $333,333.33 are expected to be reinstated beginning with the cash
distribution for the quarter ending Sept. 30, 2008. In addition, a one-time
special cash distribution to the Class D unitholder in the amount of
$666,666.66 which represents the distributions that were suspended for the
quarterly periods ended March 31 and June 30, 2008, is expected to be made
on or before Nov. 14, 2008.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat one
hundred percent (100.0%) of Constellation Energy Partners' distributions to
foreign investors as being attributable to income that is effectively
connected with a United States trade or business. Accordingly,
Constellation Energy Partners' distributions to foreign investors are
subject to federal income tax withholding at the highest applicable rate.
Forward-Looking Statements
We make statements in this news release that are considered forward-
looking statements within the meaning of the Securities Exchange Act of
1934. These forward-looking statements are largely based on our
expectations, which reflect estimates and assumptions made by our
management. These estimates and assumptions reflect our best judgment based
on currently known market conditions and other factors. Although we believe
such estimates and assumptions to be reasonable, they are inherently
uncertain and involve a number of risks and uncertainties that are beyond
our control. In addition, management's assumptions about future events may
prove to be inaccurate. Management cautions all readers that the
forward-looking statements contained in this news release are not
guarantees of future performance, and we cannot assure you that such
statements will be realized or the forward-looking events and circumstances
will occur. Actual results may differ materially from those anticipated or
implied in the forward-looking statements due to factors listed in the
"Risk Factors" section in our SEC filings and elsewhere in those filings.
All forward-looking statements speak only as of the date of this news
release. We do not intend to publicly update or revise any forward-looking
statements as a result of new information, future events or otherwise.
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
CONTACT:
Media: Lawrence McDonnell, +1-410-470-7433;
or Investors: Tonya Cultice, +1-410-470-5619, both for
Constellation Energy Partners LLC
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