Profile: BreitBurn Energy Partners LP (BBEP.O)
14 Mar 2014
BreitBurn Energy Partners L.P., incorporated on March 23, 2006, is an independent oil and gas partnership focused on the acquisition, exploitation and development of oils and gas properties in the United States. Its assets consist primarily of crude oil and natural gas reserves located primarily in the Antrim Shale and several non-Antrim formations in Michigan, the Evanston, Green River, Wind River, Big Horn and Powder River Basins in Wyoming, the Los Angeles and San Joaquin Basins in California, the Sunniland Trend in Florida, and the New Albany Shale in Indiana and Kentucky. In December 2013, the Company announced that it has completed the acquisition of oil and natural gas properties in the Permian Basin in Texas from CrownRock, L.P. In December 2013, Lynden Energy Corp.’s wholly owned subsidiary, Lynden USA Inc., completed the sale of 12 gross Wolfberry Project wells and underlying leases covering approximately 1,000 gross acres (403 acres net to Lynden USA) to BreitBurn Energy Partners L.P.
The Company's properties include natural gas, oil and midstream assets in Michigan, Indiana and Kentucky, including fields in the Antrim Shale in Michigan and the New Albany Shale in Indiana and Kentucky, transmission and gathering pipelines, three gas processing plants and four NGL recovery plants. The Company's properties also include fields in the Evanston and Green River Basins in southwestern Wyoming, the Wind River and Big Horn Basins in central Wyoming, the Powder River Basin in eastern Wyoming, the Permian Basin in Texas, the Los Angeles Basin in California, the Belridge Field in the San Joaquin Basin in California and fields in Florida's Sunniland Trend.
As of December 31, 2012, the Company's Michigan operations consist of approximately 35% of its total estimated proved reserves. As of December 31, 2012, approximately 89% of the Company's Michigan total estimated proved reserves were natural gas. For the year ended December 31, 2012, the Company's average production was 9.2 one thousand barrels of oil equivalent per day (MBoe/d) or 55.2 million cubic feet of natural gas equivalent per day (MMcfe/d). Estimated proved reserves attributable to the Company's Michigan properties as of December 31, 2012 were 51.7 MMBoe. The Company has interests in 3,677 productive wells in Michigan.
In June 2012, the Company completed the NiMin acquisition to acquire crude oil properties in the Big Horn Basin in central Wyoming. The Company's other Wyoming properties consist primarily of crude oil properties in the Powder River Basin in eastern Wyoming, principally natural gas properties in the Evanston and Green River Basins in southwestern Wyoming and principally oil fields in the Wind River and Big Horn Basins in central Wyoming including Gebo, North Sunshine, Black Mountain, Hidden Dome, Sheldon Dome, Rolff Lake in Fremont County, Lost Dome in Natrona County (outside the Wind River and Big Horn Basin), West Oregon Basin and Half Moon. The Company has interests in 964 productive wells in Wyoming.
In November 2012, the Company completed the AEO Acquisition to acquire principally oil properties located in the Belridge Field in the San Joaquin Basin in Kern County, California. The Company's legacy operations in California are concentrated in several large, complex oil fields within the Los Angeles Basin, including the Santa Fe Springs, East Coyote, Sawtelle, Rosecrans and Brea Olinda fields, the Alamitos lease of the Seal Beach Field and the Recreation Park lease of the Long Beach Field.
In July 2012, the Company completed the acquisitions of oil and natural gas properties in the Permian Basin in Texas from Element and CrownRock. In December 2012, the Company completed the acquisitions of additional oil and natural gas properties in the Permian Basin in Texas from CrownRock, Lynden and Piedra. As of December 31, 2012, the properties acquired in the Permian Basin Acquisitions included interests in 180 proved undeveloped drilling locations. As of December 31, 2012, the Company's total Texas estimated proved reserves were 21.7 MMBoe.
The Company operates five Florida fields with 19 actively producing wells as of December 31, 2012. Production is from the Cretaceous Sunniland Trend of the South Florida Basin. Each of the Company's Florida fields is 100% oil. Production from the Raccoon Point field accounts for more than half of the Company's Florida production. In 2012, the Company drilled four productive wells in Florida.
The Company's operations in the New Albany Shale of southern Indiana and northern Kentucky include 21 miles of high pressure gas pipeline that interconnects with the Texas Gas Transmission interstate pipeline. The Company operates 254producing wells in Indiana and Kentucky and holds a 100% working interest. As of December 31, 2012, the Company's production for its Indiana and Kentucky operations was 0.6 MBoe/d or 3.3 million cubic feet of natural gas equivalent per day (MMcfe/d).
BreitBurn Energy Partners LP
Suite 4800, 515 South Flower Str
LOS ANGELES CA 90071-2241