Table Of Contents
Key Information 1
Key Ratios 1
Table Of Contents 2
List of Tables 4
List of Figures 5
Constellation Energy Partners LLC, Valuation and Financial Data 6
Constellation Energy Partners LLC, Share Price Performance 6
Share Price Performance, Q3, 2008-Q3, 2009 6
Constellation Energy Partners LLC, Key Valuation Metrics 7
Key Valuation Metrics, Q3, 2008-Q3, 2009 7
Constellation Energy Partners LLC, Key Financials Per Share 8
Key Financials Per Share, Q3, 2008-Q3, 2009 8
Constellation Energy Partners LLC, Key Financial Data 9
Key Financial Data, Q3, 2008-Q3, 2009 9
Key Financial Growth Rates, Q3, 2008-Q3, 2009 10
Key Profitability Ratios, Q3, 2008-Q3, 2009 11
Constellation Energy Partners LLC, Quarterly Results of Oil & Gas Operations Per BOE Produced 12
Results of Oil & Gas Operations Per BOE Produced, Q3, 2008-Q3, 2009 12
Results of Oil & Gas Operations Per BOE Growth Rates, Q3, 2008-Q3, 2009 12
Constellation Energy Partners LLC, Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q3, 2008-Q3, 2009 13
Constellation Energy Partners LLC, Quarterly Production Trends 14
Constellation Energy Partners LLCTotal Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q3, 2008-Q3, 2009 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2008-Q3, 2009 15
Constellation Energy Partners LLC, Production and Reserves Trends 16
Total Oil and Gas, Reserves and Production 16
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 16
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 17
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 18
Total Crude Oil and Natural Gas Reserves Life Index 19
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 19
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 20
Constellation Energy Partners LLC, E&P Costs Trends 21
Allocation of the Upstream Capital Expenditure 21
Upstream Capital Expenditure, 2003-08 21
Acquisition Costs By Country/Region, 2003-08 22
Exploration and Development Costs, By Country/Region, 2003-08 23
Oil and Gas Cost Per Boe, $/boe 24
Oil and Gas Cost Per Boe, $/boe, 2003-08 24
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 25
Constellation Energy Partners LLC, Results of Oil & Gas Operations Trend 27
Oil and Gas Revenue and Expenses 27
Oil and Gas Revenue and Expenses, 2003-08 27
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 28
Oil and Gas Revenue and Expenses, Per Boe 31
Oil and Gas Revenue and Expenses, By Boe, 2003-08 31
Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2003-08 32
Oil and Gas Performance Metrics 34
Constellation Energy Partners LLC, Land Holdings and Well Data 35
Developed and Undeveloped Acreage 35
Gross and Net Developed and Undeveloped Acreage, 2003-08 35
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 36
Well Statistics 38
Producible Oil and Gas Well, 2003-08 38
Producible Oil and Gas Well, By Country/Region, 2003-08 39
Exploration and Development Wells Drilled, 2003-08 43
Exploration and Development Wells Drilled, By Country/Region, 2003-08 44
Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 44
Developed Reserves per Well, By Country/Region, 2003-08 45
Recent Developments 46
License Awards 46
Oct 09, 2008: MMS' Onshore RIK Gas Sale Nets Four New Contracts 46
Strategy and Business Expansion 46
Jun 17, 2009: Constellation Energy Partners Receives Termination Notice Related To MSA 46
Financial Announcements 46
Nov 06, 2009: Constellation Energy Partners Reports Total Revenues Of $24.3 Million In Q3 2009 46
Aug 10, 2009: Constellation Energy Partners Reports Total Revenues Of $18.5 Million In Q2 2009 47
May 08, 2009: Constellation Energy Partners Declares Net Income Of $18.9 Million For Q1 2009 48
Feb 20, 2009: Constellation Energy Partners Reports 2008 Results 49
Jan 23, 2009: CEP Declares Quarterly Cash Distribution 50
Oct 24, 2008: CEP Declares Quarterly Cash Distribution 50
Aug 07, 2008: CEP Declares 2Q 2008 Results 50
Jul 23, 2008: CEP Declares Quarterly Distribution 51
May 08, 2008: CEP Declares Q1 2008 Results 51
Apr 24, 2008: CEP Declares Quarterly Cash Distribution 52
Feb 20, 2008: CEP Reports Q4 2007 Results 52
Feb 07, 2008: CEP To Declare Q4 And Full-Year 2007 Results 52
Jan 24, 2008: CEP Declares Quarterly Cash Distribution 52
Nov 08, 2007: CEP Reports Q3 2007 Results 53
Oct 24, 2007: CEP Declares Quarterly Cash Distribution 53
Aug 08, 2007: CEP Reports Q2 2007 Results 53
Jul 24, 2007: CEP Declares Quarterly Cash Distribution 54
May 09, 2007: CEP Reports Q1 2007 Results 54
Apr 24, 2007: CEP Declares Quarterly Cash Distribution 54
Other Significant Developments 55
Jul 20, 2009: Constellation Energy Partners Provides Update On MSA 55
Jan 07, 2009: CEP Announces Management Changes 55
Oct 24, 2008: CEP Receives Notice Regarding Request For Appeal On Torch Arbitration 55
Mar 13, 2008: CEP Announces Management Changes 55
Feb 06, 2008: CEP Appoints New COO 56
Appendix 57
Methodology 57
Coverage 57
Secondary Research 57
Primary Research 58
Key Economic Assumptions 58
Expert Panel Validation 58
Oil and Gas Reserves 58
Acreage and Well Information 59
Cost Incurred in Oil and Gas Operations 59
Reserves Replacement Ratio 61
Results of Oil & Gas Operations 63
Results of Oil & Gas Operations Per BOE Produced 65
Formula = Total Revenue/Total Oil & Gas ProductionValuation Metrics 66
Net Debt / Cash Flow 66
Market Capitalization 66
EV / EBITDA 67
EV/DACF (Debt Adjusted Cash Flow Multiple) 67
EV/Production 67
EV/Proved Reserve 67
Enterprise Value 67
EBITDA / Share (Diluted) 67
Price / Annualized CFPS 67
Price / Annualized EPS (P/E Ratio) 67
Shares Outstanding (Basic) 67
Shares Outstanding (Diluted) 67
Shares Outstanding 67
Stock Price-to-Cash Flow (at year-end) 67
Stock Price-to-Cash Flow (Quarter-end) 67
Stock Price-to-Net Income (at year-end) 67
Stock Price-to-Net Income (Quarter-end) 68
Stock Price-to-Revenue (at year-end) 68
Stock Price-to-Revenue (Quarter-end) 68
Debt / EV 68
Avg. Net Debt / Boed 68
Capex / Cash Flow 68
Unit Of Measure 68
Disclosure information 68 List of Tables
Constellation Energy Partners LLC, Key Facts 1
Constellation Energy Partners LLC, Key Ratios 1
Constellation Energy Partners LLC, Key Costs Per Boe, $/boe, 2008 1
Constellation Energy Partners LLC, Share Price Performance, Q3, 2008-Q3, 2009 6
Constellation Energy Partners LLC, Key Valuation Metrics, Q3, 2008-Q3, 2009 7
Constellation Energy Partners LLC, Key Financials Per Share, Q3, 2008-Q3, 2009 8
Constellation Energy Partners LLC, Key Financials Per Share Growth Rates, Q3, 2008-Q3, 2009 8
Constellation Energy Partners LLC, Key Financial Data, $ Million, Q3, 2008-Q3, 2009 9
Constellation Energy Partners LLC, Key Financial Growth Rates, %, Q3, 2008-Q3, 2009 10
Constellation Energy Partners LLC, Key Profitability Ratios, %, Q3, 2008-Q3, 2009 11
Constellation Energy Partners LLC, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q3, 2008-Q3, 2009 12
Constellation Energy Partners LLC, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q3, 2008-Q3, 2009 12
Constellation Energy Partners LLC, Upstream Capital Expenditure, Q3, 2008-Q3, 2009 13
Constellation Energy Partners LLC, Total Crude Oil and Natural Gas, Production, Q3, 2008-Q3, 2009 14
Constellation Energy Partners LLC, Total Oil & Gas Production, By Country/Region, MMBOE, Q3, 2008-Q3, 2009 15
Constellation Energy Partners LLC, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 16
Constellation Energy Partners LLC, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2003-08 17
Constellation Energy Partners LLC, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2003-08 18
Constellation Energy Partners LLC, Oil and Gas Reserves Life Index, Years, 2003-08 19
Constellation Energy Partners LLC, Oil and Gas Reserves Life Index, By Country/Region, Years, 2003-08 20
Constellation Energy Partners LLC, Upstream Capital Expenditure, $ Million, 2003-08 21
Constellation Energy Partners LLC, Proved and Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 22
Constellation Energy Partners LLC, Exploration and Development Costs, By Country/Region, $ Million, 2003-08 23
Constellation Energy Partners LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 24
Constellation Energy Partners LLC, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 2003-08 26
Constellation Energy Partners LLC, Revenue and Expenses, $ Million, 2003-08 27
Constellation Energy Partners LLC, Revenue and Expenses, By Country/Region, $ Million, 2003-08 30
Constellation Energy Partners LLC, Oil and Gas Revenue and Expenses, $/Boe, 2003-08 31
Constellation Energy Partners LLC, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 2003-08 33
Constellation Energy Partners LLC, Oil and Gas Performance Metrics, 2003-08 34
Constellation Energy Partners LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 35
Constellation Energy Partners LLC, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2003-08 37
Constellation Energy Partners LLC, Producible Oil and Gas Wells, 2003-08 38
Constellation Energy Partners LLC, Producible Oil and Gas Wells, By Country/Region, 2003-08 42
Constellation Energy Partners LLC, Exploratory and Developed Wells, 2003-08 43
Constellation Energy Partners LLC, Exploratory and Developed Wells, By Country/Region, 2003-08 44
Constellation Energy Partners LLC, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 44
Constellation Energy Partners LLC, Developed Reserves per Well, By Country/Region, Mboe per Well, 2003-08 45 List of Figures
Constellation Energy Partners LLC, Share Price Performance, USD/Share, Q3, 2008-Q3, 2009 1
Constellation Energy Partners LLC, Key Valuation Metrics, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), Q3, 2008-Q3, 2009 1
Constellation Energy Partners LLC, Share Price Performance, USD/Share, Q3, 2008-Q3, 2009 6
Constellation Energy Partners LLC, Key Valuation Metrics, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), Q3, 2008-Q3, 2009 7
Constellation Energy Partners LLC, EBITDA / Share (Diluted) ($/Share), Cash Flow Per Share (CFPS) ($/Share) and Earning Per Share (EPS) ($/Share), Q3, 2008-Q3, 2009 8
Constellation Energy Partners LLC, Key Financial Data, $ Million, Q3, 2008-Q3, 2009 9
Constellation Energy Partners LLC, Key Financial Growth Rates, %, Q3, 2008-Q3, 2009 10
Constellation Energy Partners LLC, Key Profitability Ratios, %, Q3, 2008-Q3, 2009 11
Constellation Energy Partners LLC, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q3, 2008-Q3, 2009 12
Constellation Energy Partners LLC, Upstream Capital Expenditure, $ Million, Q3, 2008-Q3, 2009 13
Constellation Energy Partners LLC, Total Crude Oil and Natural Gas, Production, MMboe, Q3, 2008-Q3, 2009 14
Constellation Energy Partners LLC, Total Oil & Gas Production, By Country/Region, MMBOE, Q3, 2008-Q3, 2009 15
Constellation Energy Partners LLC, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 16
Constellation Energy Partners LLC, Total Oil & Gas Production (MMboe), By Country/Region, MMBOE, 2003-08 17
Constellation Energy Partners LLC, Total Proved Oil & Gas Reserves, By Country/Region, MMBOE, 2003-08 17
Constellation Energy Partners LLC, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2008 18
Constellation Energy Partners LLC, Oil & Gas Reserve Life Index, By Country/Region, Years, 2003-08 20
Constellation Energy Partners LLC, Upstream Capital Expenditure, $ Million, 2003-08 21
Constellation Energy Partners LLC, Proved Acquisition Costs, By Country/Region, $ Million, 2003-08 22
Constellation Energy Partners LLC, Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 22
Constellation Energy Partners LLC, Development Costs, By Country/Region, $ Million, 2003-08 23
Constellation Energy Partners LLC, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 24
Constellation Energy Partners LLC, 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/BOE, 2003-08 25
Constellation Energy Partners LLC, 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/BOE, 2003-08 25
Constellation Energy Partners LLC, 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/BOE, 2003-08 26
Constellation Energy Partners LLC, 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/BOE, 2003-08 26
Constellation Energy Partners LLC, Revenue and Expenses, $ Million, 2003-08 27
Constellation Energy Partners LLC, Depreciation, Depletion & Amortization , By Country/Region, $ Million, 2003-08 28
Constellation Energy Partners LLC, Net Income/ Loss, By Country/Region, $ Million, 2003-08 28
Constellation Energy Partners LLC, Oil & Gas Revenue, By Country/Region, $ Million, 2003-08 29
Constellation Energy Partners LLC, Pre-tax Profit, By Country/Region, $ Million, 2003-08 29
Constellation Energy Partners LLC, Production Expenses, By Country/Region, $ Million, 2003-08 30
Constellation Energy Partners LLC, Total Expenses, By Country/Region, $ Million, 2003-08 30
Constellation Energy Partners LLC, Oil and Gas Revenue and Expenses, $/Boe, 2003-08 31
Constellation Energy Partners LLC, Annual Net Income per boe, By Country/Region, $/BOE, 2003-08 32
Constellation Energy Partners LLC, Oil & Gas Revenue per boe, By Country/Region, $/BOE, 2003-08 32
Constellation Energy Partners LLC, Total DD&A per boe, By Country/Region, $/BOE, 2003-08 33
Constellation Energy Partners LLC, Total Revenue per boe, By Country/Region, $/BOE, 2003-08 33
Constellation Energy Partners LLC, Oil and Gas Performance Metrics, 2003-08 34
Constellation Energy Partners LLC, Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 35
Constellation Energy Partners LLC, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2003-08 36
Constellation Energy Partners LLC, Total Net Undeveloped Acreage, By Country/Region, Acres, 2003-08 36
Constellation Energy Partners LLC, Total Gross Developed Acreage, By Country/Region, Acres, 2003-08 37
Constellation Energy Partners LLC, Total Net Developed Acreage, By Country/Region, Acres, 2003-08 37
Constellation Energy Partners LLC, Producible Oil and Gas Wells, 2003-08 38
Constellation Energy Partners LLC, Gross Producible Gas Wells, By Country/Region, Number, 2003-08 39
Constellation Energy Partners LLC, Gross Producible Oil & Gas Wells, By Country/Region, Number, 2003-08 39
Constellation Energy Partners LLC, Gross Producible Oil Wells, By Country/Region, Number, 2003-08 40
Constellation Energy Partners LLC, NULL, By Country/Region, %, 2003-08 40
Constellation Energy Partners LLC, Net Producible Gas Wells, By Country/Region, Number, 2003-08 41
Constellation Energy Partners LLC, Net Producible Oil & Gas Wells, By Country/Region, Number, 2003-08 41
Constellation Energy Partners LLC, Net Producible Oil Wells, By Country/Region, Number, 2003-08 42
Constellation Energy Partners LLC, Exploratory and Developed Wells, 2003-08 43
Constellation Energy Partners LLC, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 2003-08 45
GlobalData Methodology 57