BreitBurn Energy Partners L.P. has signed a definitive agreement to acquire additional oil and natural gas properties in the Permian Basin in Texas for approximately $282 million, subject to customary closing conditions and purchase price adjustments, from CrownRock, L.P.

The acquisition will be funded with borrowings under the Partnership's existing bank credit facility and is expected to close in 2013. The Partnership intends to immediately enter into at-the-money commodity hedges to provide price protection for a substantial portion of the proved production for five years.

Hal Washburn, BreitBurn's CEO said, 'We are very pleased to announce this opportunistic, bolt-on acquisition that further increases our exposure to oil via the addition of high quality, familiar assets with significant recoverable oil in place.

Tags: BreitBurn Energy Partners L.P.