As of October 2013, the estimated average daily net production from acquired assets is about 2,900 boe per day and reserve life index of around 15 years based on estimated proved reserves of approximately 16.6 MMBoe.
The acquired assets are expected to include around 93 producing wells and over 300 potential drilling locations, while about 84% operated with approximately 66% average working interest.
BreitBurn Energy Partners CEO Hal Washburn said the current deal is the third acquisition from CrownRock, further augmenting Permian basin oil production based and development oppurtunities.
"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," Washburn added.
The acquisition, which is expected to complete in 2013, will be funded with borrowings under the partnership’s existing bank credit facility.
The company has producing and non-producing crude oil and natural gas reserves in Michigan, Wyoming, Oklahoma, California, Florida, Texas, Indiana and Kentucky.
