Los Angeles Business Journal

BreitBurn Buys Texas Oil, Gas Properties

By Deborah Crowe Monday, December 30, 2013

BreitBurn Energy Partners on Monday said that it has completed the acquisition of interests in oil and natural gas properties in the Texas Permian Basin from CrownRock of Midland, Texas for about $282 million.

The Los Angeles oil and gas partnership, which already has operations in the Permian Basin, said the acquisition includes more than 300 prospective drilling areas with 93 wells, so far producing about 2,900 barrels of oil equivalent per day, or BOE. The area has a proven reserve estimated at about 16.6 million BOE.

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BreitBurn said that it also acquired interests in Permian Basin properties from other sellers for $20 million. Lynden Energy Corp. of Vancouver, British Columbia said in its own statement that its U.S. subsidiary had sold BreitBurn interests in its Wolfberry Project wells and underlying leases for $19.3 million.

BreitBurn shares closed up 13 cents, or less than 1 percent, to $10.41 on the Nasdaq.