Constellation Energy Partners LLC Fourth Quarter and Full Year 2011 Earnings Presentation February 29, 2012
Updates Q411 operating performance: Average Daily Net Production Average daily net production of 35.8 MMcfe (MMcfe per day) 50.0 39.9 39.0 41.2 Includes average daily net oil production of 38.0 37.1 35.8 37.5 40.0 approximately…
2011 Capital Program Capital spending was forecast to range between 12 million and 14 million and was expected to result in 70 to 80 net wells and recompletions in 2011* Actual capital spending of 11.3 million resulted in 84 net wells…
PostRock Investment As of December 31, 2011, PostRock Energy Corporation (PostRock) indirectly owns a 26.4% interest in CEP 24.4% represented by ownership of outstanding common units 2.0% represented by ownership of all of our Class A…
Themes for 2012 CEPs financial strength has steadily improved since 2009 so that we have a more manageable level of debt today As we seek to enhance the long-term value of the company, we consider: Uses of available cash in lieu of…
2011 Financial Results Q411 vs. Q311 Full Year ( in 000s unless noted) Q411 Q311(*) 2011 2010 Production (MMcfe) 3,296 3,414 13,679 15,037 Oil & Gas Sales 25,022 25,624 144,639 108,692 Gain (Loss) from Mark-to-Market Activities…
2011 Wrap-Up Q411 2011 2011 Forecast* Total Capital (000) 2,434 11,317 12,000 - 14,000 Total Wells(1) 17 84 70 80 Net Production (Bcfe) 3.3 13.7 13.4 14.2 (74% Hedged at Midpoint) Operating Cost (000)(2) 10,748 46,104 48,000 -…
Net Asset Value ( in millions) Quarter Ending: Q410 Q111 Q211 Q311 Q411 Value of Proved Reserves (1),(2) 247.5 308.0 286.6 242.8 229.8 +/- Adjustments for: Debt - 165.0 - 157.5 - 115.5 - 104.3 -98.4 Working Capital (3) 2.2 4.0…
Our Continuing Focus on Oil Opportunities Our capital program, while limited in scope, has been focused on the oil potential we see in our existing asset base and our most capital efficient recompletion opportunities As a result of…
2012 Forecast Forecast Component 2012 Forecast Total Capital Spending 15.0MM - 19.0MM Total Net Production 13.3 Bcfe - 14.1 Bcfe Production Mix: Mid-Con Oil 0.9 Bcfe (7% of Total) Total Natural Gas 12.8 Bcfe (93% of Total) Mid-Con…
Key Take-a-Ways During 2011, we: Reduced our level of debt outstanding to below 100 million; Reduced our operating costs; Improved our financial flexibility; and Focused our drilling efforts on oil potential in our asset base,…
Appendix
Portfolio Summary Portfolio Total reserves: 528 Bcfe Proved reserves: 232 Bcfe (227 Bcfe natural gas; 943 MBbl oil) Proved developed as a % of total proved reserves: 72% Proved reserve to production ratio: 18.0 years Probable…
Oil Hedge Positions(1) Fixed Price Swaps Bbl Hedged Weighted Average Sales Price (/Bbl) 2012 82,758 103.14 2013 66,242 100.90 2014 35,295 102.25 2015 30,843 101.10 (1) As of December 31, 2011 NOTE: The company accounts for…
Non-GAAP Financial Measures Use of Non-GAAP Financial Measures: EBITDA and Adjusted EBITDA are non-GAAP financial measures that are reconciled to their most comparable GAAP financial measure under Reconciliation of Non-GAAP Financial…
Reconciliation Items Reconciliation of Net Income (Loss) YTD YTD to Adjusted EBITDA ( in 000s) 2011 Q411 Q311(*) Q211(*) Q111 2010 Q410 Net income (loss) 19,586 15,127 7,144 2,467 (5,152) (276,910) (6,753) Interest (income) expense,…
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