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By Ru Back Packer Staff, updated Sunday, January 28, 12:37 PM

Slide #243. BreitBurn Energy Partners L.P. Preferred Stock Offering

Company: BreitBurn Energy Partners L.P. (BBEP)
Date announced: 5/14/2014
Shares Offered: 7,000,000
Date of Pricing: 5/15/2014
Price Per Share: $25
Preferred Stock Offering Details: BreitBurn Energy Partners L.P. announced that it has commenced a public offering, subject to market and other conditions, of Series A Cumulative Redeemable Perpetual Preferred Units of the Partnership ("Series A Preferred Units"). The Partnership intends to grant the underwriters a 30-day option to purchase additional Series A Preferred Units. The Partnership intends to use the net proceeds from the offering to reduce outstanding borrowings under its bank credit facility. - updated 5/15 - BreitBurn Energy Partners L.P. (the "Partnership") (NASDAQ:BBEP) announced today that it has priced a public offering of 7.0 million 8.25% Series A Cumulative Redeemable Perpetual Preferred Units of the Partnership ("Series A Preferred Units") at a price to the public of $25.00 per unit. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 1.0 million Series A Preferred Units. Distributions will be payable on the Series A Preferred Units at a rate of 8.25% per annum of the stated liquidation preference of $25.00. The offering is expected to close on May 21, 2014, subject to customary closing conditions.

Breitburn Energy Partners is an independent oil and gas partnership focused on the acquisition, exploitation and development of oil, natural gas liquid (NGL) and natural gas properties in the U.S. Co.'s assets consist primarily of producing and non-producing oil, NGL and natural gas reserves located in seven producing areas: Arkansas, Louisiana and East Texas; Michigan, Indiana and Kentucky; Permian Basin in Texas and New Mexico; Mid-Continent (Oklahoma, Kansas and the Texas Panhandle); Rockies (Wyoming); Florida (and Alabama); and California. As of Dec 31 2014, Co.'s total estimated proved reserves were 315.3 million barrels of oil equivalent.

Preferred: BBEPP

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Name: Breitburn Energy Partners LP
Sector: Oil & Gas Exploration & Production

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