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 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, the Antrim Shale in Northern Michigan 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 18 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, attractive pricing and certain consolidation opportunities.

As of December 31, 2007, the total estimated proved reserves attributable to the Partnership Properties were 142.2 MMBoe, of which approximately 41 percent were oil and 90 percent were classified as proved developed reserves. Of these total estimated proved reserves, 61 percent were located in Michigan, 17 percent in California, 10 percent in Wyoming, 8 percent in Florida, 2 percent in Indiana, 1 percent in Texas and less than 1 percent in Kentucky.

In 2007, we completed seven acquisitions totaling approximately $1.7 billion, the largest of which was the Quicksilver Acquisition for approximately $1.46 billion. These acquisitions were consistent with our strategy of acquiring long-lived assets with predictable production from established fields. We attained geographic, geologic and commodity diversity in our asset base through these acquisitions. We will continue to pursue other attractive acquisition targets that fit our business model and that are capable of generating incremental cash flow for our unitholders.