|
June, 2004 Provident Energy acquired a 92 percent interest in BreitBurn Energy. BreitBurn is a private exploitation and production company based in Los Angeles, California.
Breitburn's business model is premised upon the acquisition of under developed producing properties with large amounts of original oil remaining and optimization of these mature producing assets through the use of sophisiticated, state-of-the-art computerized reservoir engineering tools.
"Consistent with our balanced portfolio strategy, the acquisition of BreitBurn adds high quality, long-life oil and gas production assets; at attractive valuation metrics, that will provide a stable source of cash flow over the long-term," said Provident CEO Tom Buchanan.
Breitburn's operations are in southern California and Wyoming.
|
|
|
