Boston, MA 06/03/2013 (wallstreetpr) – The share prices of Constellation Energy Partners LLC (NYSEARC:CEP) had surged by 16.49 percent to close at $1.89 per share for the end of trading session on Friday. While the shares of the company opened at $1.79 on the day, they had been trading in the range of $1.79 to $1.89 per share, almost nearing their 52 week high level. The shares of Constellation Energy Partners LLC (NYSEARC:CEP) had recorded 52 week low price level of $1.15 per share and 52 week high price level of $1.90 per share.
Constellation Energy Partners LLC (NYSEARC:CEP) is involved in the acquisition, development and production at onshore oil and natural gas properties in the United States. The proved reserves of the company are located at Warrior Basin in Alabama, Cherokee Basin in Kansas and Oklahoma, the Woodford Shale in the Arkoma Basin in Oklahoma and the Central Kansas Uplift in Kansas and Nebraska.
New Credit Refinancing
Constellation Energy Partners LLC (NYSEARC:CEP) had recently announced that it had refinanced its reserve based credit facility with a syndicate of three lenders. This new credit facility would enable the company to raise the initial borrowing base to $55 million, which is $17.5 over the previous credit facility. The borrowing base is subject to semiannual redetermination with the next date for revising set to fourth quarter of 2013.
Constellation Energy Partners LLC (NYSEARC:CEP) holds 23.69 million shares outstanding with 9 percent institutional ownership and the average trading volume for the company is at 16,800 shares per day.
