BreitBurn Energy Partners LP said Monday that it had sold some of its natural gas contracts to reduce debt under its credit facility.

Net proceeds from the terminated contracts, which covered a portion of the independent oil and gas company’s estimated 2011 and 2012 production, are about $25 million, BreitBurn said, and are expected to reduce outstanding debt to $645 million.

The company specializes in taking over older oil and natural gas fields in the Los Angeles basin and elsewhere, then squeezing additional production from them. Falling energy prices and tightening credit markets have resulted in a money squeeze that led the company in April to suspend cash distributions.

“We will continue to consider all reasonable alternatives for further debt reduction,” Co-Chief Executive Randy Breitenbach said in a statement.

BreitBurn shares closed down 44 cents, or less than 1 percent, to $7.65 on the Nasdaq.