BreitBurn Energy Partners L.P. BBEP today
announced it has signed a definitive agreement to acquire additional oil
and natural gas properties in the Permian Basin in Texas for
approximately $282 million, subject to customary closing conditions and
purchase price adjustments, from CrownRock, L.P. The acquisition will be
funded with borrowings under the Partnership's existing bank credit
facility and is expected to close in 2013. The Partnership intends to
immediately enter into at-the-money commodity hedges to provide price
protection for a substantial portion of the proved production for five
years.
Hal Washburn, BreitBurn's CEO said, “We are very pleased to announce
this opportunistic, bolt-on acquisition that further increases our
See full press release
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