BreitBurn Energy Partners - BBEP - To acquire principally oil properties located in the Belridge Field
11/23/2012 12:16:55 PM
BreitBurn Energy Partners L.P. (NASDAQ:BBEP) announced it has signed a definitive agreement to acquire principally oil properties located in the Belridge Field in Kern County, California for approximately $40 million in cash and 3,013,561 common units representing limited partner interests in the Partnership ("Common Units"). The acquisition is subject to closing conditions and purchase price adjustments and is expected to close in 2012.
The cash consideration for the acquisition will be funded with borrowings under our bank credit facility. The Common Units to be issued as partial consideration for the acquisition will be issued in a private placement and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The number of Common Units being issued as partial consideration for the acquisition will not be adjusted to account for changes in the unit price or for purchase price adjustments.
The information contained in this press release is neither an offer to sell nor a solicitation of an offer to buy any of the Common Units or any other securities of the Partnership.
About BreitBurn Energy Partners L.P. - BBEP
BreitBurn Energy Partners L.P. (BBEP) is an independent oil and gas partnership focused on the acquisition, exploitation and development of oil and gas properties in the United States. BBEP’s assets consist of producing and non-producing crude oil and natural gas reserves located in the Antrim Shale in Michigan, the Evanston and Green River Basins in southwestern Wyoming, the Wind River and Big Horn Basins in central Wyoming, the Powder River Basin in eastern Wyoming, the Los Angeles Basin in California, the Sunniland Trend in Florida, and the New Albany Shale in Indiana and Kentucky. BBEP conducts its operations through a wholly owned subsidiary, BreitBurn Operating L.P (BOLP) and BOLP’s general partner BreitBurn Operating GP, LLC (BOGP). In June 2012, NiMin Energy Corp. sold its assets in Wyoming's Big Horn Basin (the Wyoming Assets) to BreitBurn Operating L.P., a wholly owned subsidiary of BreitBurn Energy Partners L.P.