BreitBurn Buys Rocky Mountain Oil Fields for $283 MillionThursday, October 6, 2011
BreitBurn Energy Partners LP on Thursday said it has further expanded its presence in the Rocky Mountains with the acquisition of 255 acres of oil and gas properties for $283 million.
The independent Los Angeles oil and gas limited partnership is acquiring from Cabot Oil & Gas Corp. of Houston about 238,000 acres in Wyoming, where it already has a presence, and some smaller properties in Colorado and Utah.
“These high quality assets should provide years of production growth through a significant inventory of low risk development opportunities and enhance our exposure to natural gas,” said Chief Executive Hal Washburn in a statement.
The company, which first announced the deal in July but did not identify the seller or release all details, used its bank credit facility to pay for the deal.
The announcement was made a few hours before the markets closed. BreitBurn shares closed up 9 cents, or less than 1 percent, to $16.49 on the Nasdaq.