-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WL4J6dG1Z+LqLqmC4V/hEHtuK8YJ0sNswwiE6cTKBTemyVWgMFoI3KqsREptcjjM XKPBbStlI8jqwLXM0BSu2A== 0001157523-07-010628.txt : 20071102 0001157523-07-010628.hdr.sgml : 20071102 20071101204836 ACCESSION NUMBER: 0001157523-07-010628 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071101 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071102 DATE AS OF CHANGE: 20071101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BreitBurn Energy Partners L.P. CENTRAL INDEX KEY: 0001357371 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 743169953 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33055 FILM NUMBER: 071208365 BUSINESS ADDRESS: STREET 1: 515 SOUTH FLOWER STREET, SUITE 4800 CITY: LOS ANGELES STATE: CA ZIP: 90071 BUSINESS PHONE: (213) 225-5900 MAIL ADDRESS: STREET 1: 515 SOUTH FLOWER STREET, SUITE 4800 CITY: LOS ANGELES STATE: CA ZIP: 90071 8-K 1 a5535594.txt BREITBURN ENERGY PARTNERS L.P. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) November 1, 2007 BREITBURN ENERGY PARTNERS L.P. (Exact name of Registrant as specified in its charter) Delaware 001-33055 74-3169953 (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification No.) incorporation or organization) 515 South Flower Street, Suite 4800 Los Angeles, CA 90071 (Address of principal executive office) (213) 225-5900 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 7.01 Regulation FD Disclosure. On November 1, 2007, the Partnership issued a press release announcing the completion of its acquisition of certain assets and equity interests in certain entities from Quicksilver Resources Inc. in exchange for $750,000,000 in cash and 21,347,972 common units representing limited partner interests. A copy of the press release is furnished and attached as Exhibit 99.1 hereto and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01 and in Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, unless the Partnership specifically states that the information is to be considered "filed" under the Exchange Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 99.1 Press Release of BreitBurn Energy Partners L.P., dated November 1, 2007 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. BREITBURN ENERGY PARTNERS L.P. By: BreitBurn GP, LLC, its general partner Date: November 1, 2007 By: /s/ Halbert S. Washburn ---------------------------------- Halbert S. Washburn Co-Chief Executive Officer EXHIBIT INDEX 99.1 Press Release of BreitBurn Energy Partners L.P., dated November 1, 2007 EX-99.1 2 a5535594ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 BreitBurn Energy Partners L.P. Completes $1.474 Billion Acquisition of Assets from Quicksilver Resources LOS ANGELES--(BUSINESS WIRE)--Nov. 1, 2007--BreitBurn Energy Partners L.P. (NASDAQ:BBEP) announced today that it has completed the purchase of all of the natural gas, oil and midstream assets of Quicksilver Resources Inc. (NYSE:KWK) in Michigan, Indiana and Kentucky in exchange for $750 million in cash and approximately 21.348 million common units of BreitBurn Energy Partners L.P. The purchase was made pursuant to a Contribution Agreement with Quicksilver previously announced on September 12, 2007. The total consideration is subject to customary post-closing adjustments. Highlights of the acquisition, after adjustments for preferential right exercises and other ordinary course land activities, include: Over 5,000 gross producing wells; Gross and net acreage of over 900,000 and 500,000, respectively; Substantial number of low risk development opportunities; Immediately accretive to 2008 distributable cash flow per unit; Estimated current daily production of approximately 72 million cubic feet of gas equivalents as of October 31, 2007; Commodity hedges for approximately 80% of PDP production for 3 years beginning January 1, 2008; Approximate 19 year reserve life; and Integrated midstream assets. With this acquisition, natural gas accounts for approximately 60% of BreitBurn's total estimated proved reserves, up from 2% prior to the transaction. BreitBurn intends to issue 2008 guidance before year-end and notes that its earlier guidance (issued August 14, 2007) for 2007 was prepared prior to the acquisition from Quicksilver and is no longer current or applicable. About BreitBurn Energy Partners L.P. BreitBurn Energy Partners L.P. is an independent oil and gas limited partnership, formed in 2006 by a subsidiary of Provident Energy Trust, focused on the acquisition, exploitation and development of oil and gas properties. BreitBurn's assets consist primarily of producing and non-producing crude oil and natural gas reserves located in the Los Angeles Basin in California, the Wind River and Big Horn Basins in central Wyoming, the Permian Basin in West Texas, the Sunniland Trend in Florida, and the Antrim Shale in Michigan and the New Albany Shale in Indiana and Kentucky. Visit BreitBurn online at www.BreitBurn.com Cautionary Statement Relevant to Forward - Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements relating to BreitBurn's operations that are based on management's current expectations, estimates and projections about its operations. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," "estimates," "opportunities", "recommends," "will recommend" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, BreitBurn undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are crude oil and natural gas prices; the competitiveness of alternate energy sources or product substitutes; technological developments; delays in planned or expected drilling and development programs; the future performance of the properties acquired from Quicksilver Resources Inc.; potential disruption or interruption of BreitBurn's net production due to accidents or severe weather; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading "Risk Factors" incorporated by reference from our Annual Report on Form 10-K for the year ended December 31, 2006, Quarterly Report on Form 10-Q for the quarters ended March 31, 2007 and June 30, 2007 and other filings with the Securities and Exchange Commission. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements. CONTACT: BreitBurn Energy Partners L.P. Investor Relations: James G. Jackson, 213-225-5900 x273 Executive Vice President and Chief Financial Officer or Kalt Rosen Group/Ruder Finn/West Pierre Hirsch, 415-692-3060 -----END PRIVACY-ENHANCED MESSAGE-----