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Energy Partners Limited
Constellation sheds stake in gas and oil company

Baltimore's Constellation Energy Group has divested its minority stake in a gas and oil production company under a deal worth $22.5 million. Under the agreement announced Tuesday, Oklahoma City-based PostRock Energy Corp. agreed to buy all of Constellation's 28.5 percent stake in Constellation Energy Partners LLC. Constellation formed the Houston-based limited liability gas and oil production company and spun it off in late 2006. Under the deal, Constellation will receive $11.25 million in cash and $11.25 million in PostRock common stock and warrants to acquire additional shares. PostRock and CEP both have the majority of their assets and operations in the Cherokee Basin of...