Constellation Energy Partners LLC announced today that at a special meeting of common unitholders, its common unitholders approved the conversion of all outstanding Class E units into common units.
As a result of the approval, all 90,376 of the company's outstanding Class E units will be canceled and the same number of common units will be issued to the former holders of Class E units.
To facilitate the conversion, the common unitholders approved both a change in the terms of the company's Class E units to provide that each Class E unit is convertible into the company's common units, and the issuance of additional common units upon the conversion of the Class E units.
Constellation Energy Partners was formed -- and is partly owned -- by Constellation Energy (NYSE: CEG - News), a Fortune 200 energy company with 2006 annual revenues of $19.3 billion.
Constellation Energy Partners LLC (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 (CEP)
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