BreitBurn Energy Closes Acquisition Of Oklahoma Panhandle Assets

(RTTNews) - BreitBurn Energy Partners L.P. (BBEP) Monday completed the acquisition of oil properties and associated midstream assets in the Oklahoma Panhandle from Whiting Oil and Gas Corporation, a subsidiary of Whiting Petroleum Corp. (WLL), for a preliminary adjusted purchase price of about $846 million, including the nearly $86 million deposit previously paid.

The preliminary purchase price adjustments are interim adjustments; the final adjusted purchase price will be determined post-closing, subject to customary post-closing adjustments.

The Partnership also completed the previously announced acquisitions of additional interests in certain of the acquired assets from other sellers for an additional $30 million.

Hal Washburn, BreitBurn's CEO, said, "...We expect this transaction to deliver meaningful accretion to our distributable cash flow per unit and create solid long-term value for unitholders..."