BreitBurn Energy Partners L.P. on Tuesday said that it signed a definitive agreement to acquire oil properties in Niobrara County, Wyo. for $58.1 million.

The Los Angeles oil and gas developer, which already has operations in the Wind River and Big Horn Basins of central Wyoming, said the properties currently produce approximately 500 barrels of oil equivalent per day.

The acquisition “is consistent with our strategy of acquiring long-lived assets with a predictable production profile and an inventory of low-risk exploitation and development opportunities,” President Randy Breitenbach said in a statement. “We are purchasing these properties for an attractive valuation, and we believe that this acquisition will be immediately accretive” to earnings.

Shares were up 39 cents, or 2 percent, to $20.60 in midday trading on the Nasdaq.