BreitBurn Buys Permian Assets
Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
70MM
Description
BreitBurn Energy Partners LP (Nasdaq: BBEP) completed two previously-announced purchases in the Permian Basin for a total of $220 million
The first deal was for property held by Element Petroleum LP for $150 million. The second deal was purchased from CrownRock LP for $70 million. Both Element and CrownRock are privately-held and based in Midland, Texas. BreitBurn chief executive Hal Washington said the two deals allows the company to expand its portfolio to seven states and sets the stage for further acquisitions in the region.