Constellation Energy Partners LLC (CEP) is a limited liability company engaged in the acquisition, development and production of oil and natural gas properties, as well as related midstream assets. All of the Company’s proved reserves are located in the Black Warrior Basin in Alabama, the Cherokee Basin in Kansas and Oklahoma, and in the Woodford Shale in the Arkoma Basin in Oklahoma. As of December 31, 2008, the Company’s total estimated proved reserves were approximately 232.4 billions of cubic feet equivalent (Bcfe), approximately 68% of which were classified as proved developed, and 99% of which are natural gas. At December 31, 2008, CEP owned approximately 2,763 net producing wells and operates approximately 88% of these wells. The Company drilled and completed 115 net wells during the year ended December 31, 2008.