BreitBurn Energy Partners L.P. announces closing of acquisition of principally oil properties in Kern County, California
Tuesday, Dec 04, 2012
BreitBurn Energy Partners L.P. (the "Partnership") (NASDAQ:BBEP) announced today that it has completed the acquisition of 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 from American Energy Operations, Inc., subject to customary post-closing adjustments. The acquisition was originally announced on November 23, 2012.
Hal Washburn, CEO, said, "We are pleased to have successfully completed another excellent acquisition of high quality assets that complement our existing portfolio and enhance our exposure to oil. We have a long operating history in California and look forward to leveraging our expertise in the area to enhance the value of these assets. This transaction marks our fourth completed acquisition in 2012 and brings the total value of our acquisitions to just over $400 million for the year.”
Source: Business Wire
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