Constellation Energy Partners LLC (CEP), the exploration and production partnership formed and partly owned by Constellation Energy, has completed a deal with EnergyQuest Resources LP to acquire some coalbed methane (CBM) properties in the Cherokee Basin in Kansas and Oklahoma for $115 million (see Daily GPI, March 12). The transaction includes more than 500 miles of pipeline gathering systems. According to the partnership’s CEO Felix Dawson, the acquisition will be immediately accretive to distributable cash flow per unit. Most of CEP’s assets are CBM properties, including assets in the Robinson’s Bend Field in the Black Warrior Basin of Alabama (see Daily GPI, Aug. 14, 2006).
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