Constellation Energy plans conversion to limited partnership

• Constellation Energy Partners (CEP +11.9%) is sharply higher on news after yesterday's close that its board had approved a plan of conversion to a Delaware limited partnership called Sanchez Production Partners.
• In connection with the conversion, an affiliate of Sanchez Oil & Gas would become the general partner of the resulting LP.
• CEP expects to seek unitholder approval of the plan by year-end.