Constellation Energy Partners LLC (NYSE: CEP) has closed the sale of its Robinson’s Bend Field assets, located in Tuscaloosa County, Ala.

The sale resulted in net proceeds of US $55.3 million, US $50 million of which was used to retire debt under the company’s credit facility. After the debt reduction, borrowings outstanding under the credit facility totaled US $34 million. Adjusting for estimated transaction costs, the company maintained a cash balance of US $12.1 million as of Feb. 28, the date of the close.

Upon closing of the sale, the ...