BreitBurn Energy Partners L.P. - Master Limited Partnership

BreitBurn Energy Partners L.P. is an independent oil and gas partnership focused on the acquisition, exploitation and development of oil and gas properties in the United States. Our objective is to manage our oil and gas producing properties for the purpose of generating cash flow and making distributions to our unitholders.

Our assets consist primarily of producing and non-producing crude oil and natural gas reserves located in the Antrim Shale in Michigan, the Los Angeles Basin in California, the Wind River and Big Horn Basins in central Wyoming, the Sunniland Trend in Florida, and the New Albany Shale in Indiana and Kentucky. Our assets are characterized by stable, long-lived production and reserve life indexes averaging greater than 16 years. Our fields generally have long production histories, with some fields producing for over 100 years. We have high net revenue interests in our properties.

In 2007, we acquired the Lazy JL Field in Texas, five fields in Florida’s Sunniland Trend, a limited partnership interest in a partnership that owns the East Coyote and Sawtelle fields in the Los Angeles Basin in California, and natural gas, oil and midstream assets in Michigan, Indiana and Kentucky, including fields in the Antrim Shale in Michigan and New Albany Shale in Indiana and Kentucky, transmission and gathering pipelines, three gas processing plants and four NGL recovery plants. In 2009, we sold the Lazy JL Field in Texas to a private buyer.

As of December 31, 2010, our total estimated proved reserves were 118.9 MMBoe, of which approximately 65 percent were natural gas and 35 percent were crude oil. Of our total estimated proved reserves as of December 31, 2010, 68 percent were located in Michigan, 12 percent in California, ten percent in Wyoming and eight percent in Florida with the remaining two percent in Indiana and Kentucky.