BreitBurn Energy Partners (BBEP) Completes Permian Basin Acquisitions for $189M
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BreitBurn Energy Partners L.P. to Add to Permian Basin Interests with Acquisitions of Additional Oil and Gas Properties in the Wolfberry Trend
LOS ANGELES--(BUSINESS WIRE)-- BreitBurn Energy Partners L.P. (the Partnership) (NASDAQ: BBEP) today announced it has signed two definitive agreements to acquire oil and natural gas properties in the Permian Basin in Texas for a combined price of $190 million, subject to customary closing conditions and purchase price adjustments, from CrownRock, L.P. and Lynden USA Inc. The acquisitions will be funded with borrowings under the Partnerships existing bank credit facility and are expected to close in 2012.
Hal Washburn, BreitBurns CEO, said, We are very pleased to be able to leverage the great working relationship we have developed with CrownRock following the July acquisition and so quickly build upon our presence in the Permian Basin. This is an excellent bolt-on acquisition that substantially increases our Permian Basin position and will make Texas one of our most active areas for production and development. This transaction brings the total value of our acquisitions to approximately $600 million for the year, which significantly exceeds our acquisition target for 2012.
Highlights of these two acquisitions include:
Estimated average daily net production of approximately 1,850 Boe/day for November 2012 (65% oil)... More
