We were originally formed as a limited liability company in 2005. We completed our initial public offering under the name “Constellation Energy Partners LLC” on November 20, 2006, at which time our Class B common units were listed under the symbol “CEP.”
In August 2013, we acquired oil, natural gas and natural gas liquids assets in Texas and Louisiana from Sanchez Energy Partners I, LP (“SEP I”), an affiliate of Sanchez Oil & Gas Corporation (“SOG”). In conjunction with the acquisition, SEP I received cash, Class A units, Class B units, and a Class Z unit which together, at the time of the transaction, represented a 17.7% equity interest in our company.
In May 2014, we entered into a series of agreements pursuant to which SOG and related companies agreed to provide services required to operate our business, including overhead, technical, administrative, marketing, accounting, operational, information systems, financial, compliance, insurance, professionals and acquisition, disposition and financing services (together, the “Services Agreements”).
Effective October 2014, after implementing the Services Agreements and integrating our operations with SOG and related companies, we changed our name to “Sanchez Production Partners LLC” (“SPP LLC”).
In March 2015, we changed our organizational form from a limited liability company to a limited partnership, changed our name to “Sanchez Production Partners LP” (“SPP LP”), exchanged Class B units of SPP LLC for common units of SPP LP, exchanged the Class A units of SPP LLC for common units of SPP LP, and cancelled the Class Z unit of SPP LLC. Our common units are currently listed on the NYSE MKT under the symbol “SPP.”
As of March 6, 2015, the date of conversion, SEP I owned 20.3% of our common units and SP Holdings, LLC, a company related to SOG and SEP I, owned 0.2% of our common units. In addition, SP Holdings, LLC owns 100% of the equity of our general partner and our incentive distribution rights.