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BreitBurn Energy Partners LP (BBEP - Snapshot Report), a master limited partnership, has entered into a deal with CrownRock LP, an exploration and production firm.

Per the agreement, BreitBurn Energy is expected to buy extra oil and gas resources located in the Permian Basin, Texas. The transaction, estimated to be worth $282.0 million, is likely to close by 2013, depending on customary closing arrangements and a revised acquisition price. The partnership added that he asset purchase is anticipated to be financed with debt from bank credit facility.

As of Oct 2013, the to-be acquired assets, comprising more than 300 prospective drilling areas with 93 wells, produced roughly 2,900 barrels of oil equivalent per day. BreitBurn Energy reveals that 60.0% of the total output was oil. Moreover, the proved reserve of the oil and gas resources is estimated to be about 16.6 million barrels of oil equivalent. Additionally, BreitBurn Energy estimates the operating cost of the producing well to be as low as $7.00 per barrel.

BreitBurn Energy expects the acquisition to immediately benefit unitholders with increased cash flow.

Los Angeles, California-based BreitBurn Energy is involved in the acquisition, development, and production of domestic oil and gas resources.

BreitBurn Energy currently carries a Zacks Rank #3 (Hold), which implies that it is expected to perform in line with the broader U.S. equity market over the next one to three months.  

Meanwhile, one can look at better-ranked players in the exploration and production sector like Abraxas Petroleum Corp. (AXAS - Snapshot Report), Harvest Natural Resources Inc. (HNR - Snapshot Report) and Clayton Williams Energy Inc. (CWEI - Snapshot Report) that offer value. All the stocks sport a Zacks Rank #1 (Strong Buy).

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