Constellation sells portion of its stake in gas and oil company

Oklahoma City PostRock Energy buys 14.9 percent of Constellation Energy Partners

August 09, 2011|By Hanah Cho, The Baltimore Sun

Baltimore's Constellation Energy has sold a portion of its minority stake in a gas and oil production company in a revised deal valued at $12.7 million.

Oklahoma City-based PostRock Energy Corp. announced late Monday that it had purchased 14.9 percent of Constellation's stake in Constellation Energy Partners LLC. Constellation formed the Houston-based limited liability gas and oil production firm and spun it off in late 2006.

PostRock Energy had initially agreed to buy all of Constellation's minority stake in Constellation Energy Partners. But PostRock was unable secure the approval of CEP's independent directors for that deal, PostRock President Terry W. Carter said.

Constellation Energy still owns 11.7 percent of CEP, according to regulatory filings.

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