Constellation Energy Partners Borrowing Base Set at $90M

Constellation Energy Partners LLC CEP today reported that its lenders have completed a semi-annual review of the company's borrowing base pursuant to the terms of its reserve-based credit facility. Based on this review, the borrowing base has been set by the lenders at $90 million. Borrowings outstanding under the company's reserve-based credit facility currently total $88.4 million, leaving the company with $1.6 million in borrowing capacity. The company maintained $5.7 million in cash and equivalents as of April 19, 2012.