Profile: BreitBurn Energy Partners L.P (BBEP.O)

BreitBurn Energy Partners L.P. (the Partnership) is an independent oil and gas partnership focused on the acquisition, exploitation and development of oil and gas properties in the United States. The Company’s assets consist primarily of producing and non-producing crude oil and natural gas reserves located in the Antrim Shale in Michigan, the Los Angeles Basin in California, the Wind River and Big Horn Basins in central Wyoming, the Sunniland Trend in Florida, the New Albany Shale in Indiana and Kentucky, and the Permian Basin in West Texas. It conducts its operations through a wholly owned subsidiary, BreitBurn Operating L.P (BOLP) and BOLP’s general partner BreitBurn Operating GP, LLC (BOGP). Its wholly owned subsidiary, BreitBurn Management Company, LLC (BreitBurn Management), manages its assets and performs other administrative services.

As of December 31, 2008, the Company’s total estimated proved reserves were 103.6 million barrel of oil equivalent (MMBoe), of which approximately 75% were natural gas and 25% were crude oil. Of its total estimated proved reserves, 78% were located in Michigan, 12% in California and 6% in Wyoming, with the remaining 4% in Florida, Texas, Indiana and Kentucky.

Michigan

As of December 31, 2008, the Company’s Michigan operations comprised approximately 78% of its total estimated proved reserves. During the year ended December 31, 2008, its average production was approximately 10.7 One thousand barrels of oil equivalent per day (MBoe/d) or 64 million cubic feet of natural gas equivalent per day (MMcfe/d). Estimated proved reserves attributable to its Michigan properties, as of December 21, 2008, were 80.9 MMBoe.

During 2008, the Company drilled a total of 116 wells, and had 106 approved drilling permits and 13 change of well status approvals for the Antrim re-entry program. The Antrim Shale underlies a large percentage of the Company’s Michigan acreage; wells tend to produce relatively predictable amounts of natural gas in this reservoir. The Company’s estimated proved reserves attributable to its Antrim Shale interests, as of December 31, 2008, were 72.1 MMBoe or 433 billion cubic feet equivalent (Bcfe), of which 93% was proved developed. During 2008, it drilled 90 productive development wells in the Antrim Shale. The Company’s non-Antrim interests are located in several reservoirs, including the Prairie du Chien (PRDC), Richfield (RCFD), Detroit River Zone III (DRRV) and Niagaran (NGRN) pinnacle reefs.

California

The Company’s operations in California are concentrated in oil fields within the Los Angeles Basin. During 2008, its California average production was approximately 3.2 MBoe/d. During 2008, its four largest fields, Santa Fe Springs, East Coyote, Rosecrans and Sawtelle, made up 89% of its production and 87% of its estimated proved reserves in California. During 2008, the Company drilled four productive development wells and no dry development wells in California. The Company operates 161 active wells in the Santa Fe Springs Field and owns a 99.5% working interest. It owns a 95% working interest in East Coyote Field. The Company owns a 93% working interest in Sawtelle Field. It operates 46 active wells in the Rosecrans Field and owns a 100% working interest. Its other fields include the Brea Olinda field, which has 75 active wells producing approximately 207 net Boe/d on average, during 2008.

Wyoming

During 2008, the Company’s average production from its Wyoming fields was approximately 2.2 MBoe/d. Four fields, Black Mountain, Gebo, North Sunshine and Hidden Dome, made up 83% of its production and 94% of its estimated proved reserves, during 2008. During 2008, the Company drilled six new productive development wells, three successful developmental deepenings of existing wells and one dry development well in Wyoming. The Company operates 50 active wells in the Black Mountain Field and holds a 98% working interest. It operates 51 active wells in the Gebo Field and holds a 100% working interest. It operates 32 active wells in the North Sunshine Field and holds a 100% working interest. The Company operates 25 active wells in the Hidden Dome Field and holds a 100% working interest. The other fields include the Sheldon Dome Field and Rolff Lake Fields in Fremont County, where the Company operates 17 active oil wells and four active gas wells in the Frontier to the Tensleep formations at depths up to 7,300 feet.

Florida

The Company operates 18 active wells. Production is from the Cretaceous Sunniland Trend of the South Florida Basin at 11,500 feet. The Sunniland Trend has produced in excess of 115 million barrels of oil from seven fields. As of December 31, 2008, the Company had estimated proved reserves of approximately 2 million barrels of crude oil or other liquid hydrocarbons (MMBbls).

Texas

The Lazy JL Field in Texas has 50 active wells with a 100% working interest. Production at the Lazy JL Field comes from two zones in the lower Spraberry formation. During 2008, its average production from the field was approximately 219 Boe/d. In the Lazy JL Field, its interest in estimated proved reserves, as of December 31, 2008, were approximately 1.2 MMBoe.

Indiana/Kentucky

The Company’s operations include 21 miles of high pressure gas pipeline that interconnects with the Texas Gas Transmission interstate pipeline. There are acreage leasing opportunities adjacent to its Indiana/Kentucky operations. The Company operates 210 wells in Indiana and Kentucky, and holda a 100% working interest. During 2008, its production for its Indiana and Kentucky operations was approximately 423 Boe/d and 190 Boe/d, respectively, or 2,538 thousand cubic feet of natural gas per day (Mcf/d) and 1,138 Mcf/d, respectively.