Constellation in CBM sale

Eoin O'Cinneide

 04 February 2013 13:07 GMT

US junior Constellation Energy Partners is selling a bunch of assets in a coalbed methane play in Alabama to a commodities outfit.

The Houston-based oil company has agreed to sell the Robinson’s Bend field assets and operations in the Black Warrior basin to Castleton Commodities International for an undisclosed price.

The assets in Tuscaloosa County, Alabama include over 500 operating natural gas wells and three leasehold interests and infrastructure.

The deal should be wrapped up in the first quarter with the raised cash used to pay down debt.

When Constellation completed an initial public offering in 2006, all of its assets were in the Black Warrior basin.

The company says on its website that the basin is the fifth-largest coalbed methane basin in…

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