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Constellation Energy Partners Receives Termination Notice Related to Management Services Agreement

Posted by Dana in June 22nd 2009

Constellation Energy Partners (NYSE Arca: CEP) announced that its management services provider, Constellation Energy Partners Management, LLC, which is a wholly-owed subsidiary of Constellation Energy Group, Inc. (“Constellation”), has notified CEP that it will terminate the Management Services Agreement (“MSA”) effective Dec. 15, 2009.

“Constellation’s termination of the MSA is an event that we have planned for since last year,” said Stephen Brunner, the company’s President and Chief Executive Officer. “In anticipation of this event, we have undertaken efforts to hire key personnel and transition services away from Constellation in an orderly manner. Our operating expense forecast for 2009 takes into account the incremental costs associated with standing up the company, and we expect to complete this process by the MSA termination date.”