BreitBurn Energy Partners L.P. Announces Acquisition of Additional Permian Basin Interests and Properties for Approximately $282

  BreitBurn Energy Partners L.P. Announces Acquisition of Additional Permian
  Basin Interests and Properties for Approximately $282 Million

Business Wire

LOS ANGELES -- December 13, 2013

BreitBurn Energy Partners L.P. (the "Partnership") (NASDAQ:BBEP) today
announced it 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. This is our third acquisition from CrownRock, further augmenting
our Permian Basin oil production base and development opportunities. This
acquisition provides us with new interests in additional oil and gas
properties adjacent to our existing operations as well as incremental
interests in oil and gas properties that we already own and operate. We
believe the acquisition will be immediately accretive to distributable cash
flow per unit at closing.”

Highlights of the acquisition include:

-- Estimated average daily net production of approximately 2,900 Boe/day for
October 2013 (60% oil)

-- Estimated reserve life index of over 15 years based on estimated proved
reserves of approximately 16.6 MMBoe

-- Approximately 93 producing wells and over 300 potential drilling locations

-- Low lifting costs of approximately $7.00 per barrel

-- Oil price received is currently WTI less approximately $3.00 per barrel

-- Approximately 84% operated with approximately 66% average working interest

About BreitBurn Energy Partners L.P.

BreitBurn Energy Partners L.P. is a publicly-traded independent oil and gas
limited partnership focused on the acquisition, exploitation, development and
production of oil and gas properties. The Partnership’s producing and
non-producing crude oil and natural gas reserves are located in Michigan,
Wyoming, Oklahoma, California, Florida, Texas, Indiana and Kentucky. See
www.BreitBurn.com for more information.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements relating to the
Partnership’s operations that are based on management's current expectations,
estimates and projections about its operations. Words and phrases such as
“expected,” “estimated,” “future,” “growth,” “potential,” “believe,” “will
be,” “should” and variations of such words 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. These include risks relating to the Partnership’s
financial performance and results, availability of sufficient cash flow and
other sources of liquidity to execute our business plan, prices and demand for
natural gas and oil, increases in operating costs, uncertainties inherent in
estimating our reserves and production, our ability to replace reserves and
efficiently develop our current reserves, political and regulatory
developments relating to taxes, derivatives and our oil and gas operations,
risks relating to our acquisitions, and the factors set forth under the
heading “Risk Factors” incorporated by reference from our Annual Report on
Form 10-K filed with the Securities and Exchange Commission, and if
applicable, our Quarterly Reports on Form 10-Q and our Current Reports on Form
8-K. 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, the Partnership
undertakes no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
Unpredictable or unknown factors not discussed herein also could have material
adverse effects on forward-looking statements.

Estimated Proved Reserves

Reserve engineering is a complex and subjective process of estimating
underground accumulations of oil and natural gas that cannot be measured in an
exact way and the accuracy of any reserve estimate is a function of the
quality of available data and of engineering and geological interpretation and
judgment. As a result, estimates prepared by one engineer may vary from those
prepared by another. The estimate of reserves contained in this press release
was internally prepared based on information available through the acquisition
process. Estimates of proved reserves for our oil and gas properties for year
end 2013 will be prepared by independent reserve engineers using the
information available at that time. Upon completion of such a review, our
independent engineers’ estimate of these proved reserves as of December 31,
2013 could be materially different from our management’s estimates of such
reserves as described above.

BBEP-IR

Contact:

BreitBurn Energy Partners L.P.
Investor Relations Contacts:
James G. Jackson
Executive Vice President and Chief Financial Officer
213-225-5900 x273
or
Jessica Tang
Investor Relations
213-225-5900 x210