BreitBurn Energy Partners LP, Los Angeles, (Nasdaq: BBEP), a subsidiary of Provident Energy Trust, Calgary, (Toronto: PVE-UN.TO; NYSE: PVX) has priced its IPO of 6 million common units at $18.50 each.
RBC Capital Markets Corp. and Citigroup Global Markets Inc. were joint book-running managers and joint-lead managers with Credit Suisse Securities (USA) LLC as senior co-manager. In addition, A.G. Edwards & Sons Inc., Wachovia Capital Markets LLC, Deutsche Bank Securities Inc. and Canaccord Adams Inc. were co-managers in the IPO.
Proceeds of $99.7 million will be used to pay debt and make a distribution of $63.2 million to Provident and BreitBurn Corp.
BreitBurn Energy is an oil and gas partnership with oil reserves in the Los Angeles Basin in California and the Wind River and Big Horn basins in central Wyoming. At year-end 2005, its total estimated proved reserves were 29.7 million BOE (98% oil, 91% proved developed).
Separately, EV Energy Partners LP, Houston, (Nasdaq: EVEP) has priced its IPO of 3.9 million common units at $20 each for proceeds of about $72.5 million.
Proceeds will be used to pay an aggregate of $60.2 million to EnerVest Management Partners, CGas and the EnCap Investments LLC partnerships, which held interests in the company's predecessors; pay $10.4 million of debt incurred by a predecessor; and to reimburse EnerVest for $2 million of its offering expenses.
A.G. Edwards & Sons Inc. was sole book-running manager; Raymond James & Associates Inc. was co-lead manager; and Wachovia Capital Markets LLC and Oppenheimer & Co. were co-managers.
EV Energy Partners is a master limited partnership with properties in the Appalachian Basin, primarily in Ohio and West Virginia, and in the Monroe Field in Louisiana. At year-end 2005, EV's properties had estimated net proved reserves of 44.8 billion cu. ft. of gas and 1.1 million bbl. of oil, or 51.2 billion cu. ft. equivalent.
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