BreitBurn Energy to fund property purchase via draw on credit facility

By Ashley Montgomery

Kansas City, Kan., Nov. 26 - BreitBurn Energy Partners LP plans to draw on its bank credit facility to fund the acquisition of oil properties located in the Belridge Field in Kern County, Calif., according to news release.

The price of the acquisition is $40 million in cash and 3,013,561 common units representing limited partner interests in the partnership. The common units will be issued in a private placement.

Closing on the acquisition is expected this year.

BreitBurn is a Los Angeles-based limited partnership focused on the acquisition, exploitation and development of oil and gas properties.

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