BreitBurn Energy Partners L.P. said Monday that it had sold its Lazy JL Field in the Permian Basin of West Texas for $23 million, with net proceeds to be used to pay down debt.

The field, which the Los Angeles independent oil and gas producer called a non-core property, accounted for approximately 1 percent of the partnership’s total estimated proved reserves. The transaction with an unnamed private individual closed on Friday.

“The sale accelerates our 2009 debt reduction efforts and provides the partnership with additional financial flexibility given the transaction’s limited impact on our borrowing base,” said Chief Executive Hal Washburn in a statement.

Falling energy prices and tightening credit markets have resulted in a money squeeze that led BreitBurn in April to suspend cash distributions. The company, specializes in acquiring and rehabilitating older oil and natural gas fields in the Los Angeles basin and Texas, last month sold some of its natural gas contracts for $25 million, also to reduce debt.

Breitburn shares were up 12 cents, or 1.5 percent, to $7.86 in midday trading on the Nasdaq.