Constellation Energy plans conversion to limited partnership

|By:, SA News Editor

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.