BreitBurn Energy Closes Permian Acquisitions For $302 Million

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Acquired oil and natural gas properties in the Permian Basin with 2,900 BOE/d of estimated production.

BreitBurn Energy Partners LP (Nasdaq: BBEP) announced Dec. 30 that it has completed the acquisition of oil and natural gas properties in the Permian Basin in Texas from CrownRock LP for $282 million.

This is the Los Angeles-based company's third acquisition from CrownRock, further augmenting its Permian Basin oil production base and development opportunities. The assets include estimated production of 2,900 barrels of oil equivalent per day (BOE/d), with 60% oil.

The partnership also completed acquisitions of additional interests in certain of the acquired assets from a wholly owned subsidiary of Lynden Energy Corp. (TSXV: LVL) for approximately an additional $20 million. The sale included 12 gross (4.7 net) Wolfberry project wells and underlying leases covering 1,000 gross acres (403 acres net to Lynden USA Inc.).

In a December presentation, BBEP said its Permian holdings consisted of 8,791 net acres with 315 MBOE production.