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 Partnership’s existing bank credit facility and are expected to close in 2012.
Hal Washburn, BreitBurn’s 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.”
Source: Business Wire
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