Constellation Energy Partners Reaffirms Third Quarter Distribution Guidance

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Constellation Energy Partners Reaffirms Third Quarter Distribution Guidance
  - Constellation Energy Partners reaffirms commitment from Constellation
               Energy Group to Management Services Agreement
     - Reports no counterparty exposure to Lehman Brothers Holdings Inc

    HOUSTON, Sept. 18 /PRNewswire-FirstCall/ -- Constellation Energy
Partners LLC (NYSE: CEP) today reaffirmed its intent to recommend to the
Board of Managers maintaining a cash distribution of $0.5625 per
outstanding common unit and Class A unit for the quarter ended Sept. 31,
2008, or $2.25 per unit on an annualized basis.

    The company reported that its sponsor, Constellation Energy Group,
reaffirmed it will continue to provide services to the company as agreed to
under the Management Services Agreement. All employees in the operations
organization in the field offices and the Tulsa technical office are
employees of Constellation Energy Partners.

    This statement follows today's news that Constellation Energy Group and
MidAmerican Energy Holdings Company have announced that the companies have
reached a tentative agreement in which MidAmerican will purchase all of the
outstanding shares of Constellation Energy Group. The transaction is
expected to close within nine months.

    "We have been closely monitoring the current market environment and
assessing the impact of recent events on the company," said Stephen R.
Brunner, president and chief executive officer of Constellation Energy
Partners. "We continue to work closely with our Board of Managers and the
management team at Constellation Energy Group to evaluate the potential
impact that their current and future decisions may have on our company."

    "The commitment of support from Constellation Energy Group coupled with
our employee base at CEP and the recent implementation of a long-term
incentive plan focused on attracting and retaining key employees provides
us confidence that our company remains well positioned to continue to
execute on our 2008 strategic plan," said Brunner. "We continue to believe
the third and fourth quarters are important for the company and are pleased
with the progress we have made in our drilling program this quarter. We did
not experience any meaningful impact from Hurricane Ike as it moved through
the Mid-Continent region. Given our performance, we are reaffirming our
intent to recommend to the Board of Managers maintaining the distribution
for the third quarter."

    The company also indicated today that it has no hedging or other
contractual counterparty exposure to Lehman Brothers Holdings Inc., its
subsidiaries or its affiliates.

    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 exploitation of oil and
natural gas properties, as well as related midstream assets.
SOURCE Constellation Energy Partners
http://www.constellationenergypartners.com
http://www.constellation.com/
http://www.prnewswire.com/comp/084087.html/
CONTACT:
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or Investors, Tonya Cultice, +1-410-470-5619