OilVoice - Provident Announces Sale of BreitBurn Energy Partners and BreitBurn General Partner Interests

Provident Announces Sale of BreitBurn Energy Partners and BreitBurn General Partner Interests

Wednesday, June 18, 2008

Provident Energy Trust has sold a portion of its US Oil and Gas business consisting of its 22 percent interest in BreitBurn Energy Partners L.P. and its 96 percent interest in BreitBurn GP LLC for cash proceeds of US$345 million before closing adjustments and taxes. The purchaser of Provident's interests is BreitBurn Energy Partners L.P. (NASDAQ-BBEP). Proceeds from the sale will be initially applied to Provident's Canadian senior credit facility.

"This sale is an important first step in Provident's strategic review process announced February 5, 2008." said Tom Buchanan, President and Chief Executive Officer. "Provident's investment in BreitBurn has provided an outstanding return to unitholders and the completion of this sale is key to enhancing Provident's flexibility to execute our business plan, capitalize on strategic growth opportunities in our Canadian Oil and Gas and Midstream business units and enhance unitholder value."

Morgan Stanley is acting as Provident's exclusive financial advisor in connection with the transaction.

Provident is continuing to pursue the sale of its remaining US oil and gas assets consisting of a 96 percent interest in BreitBurn Energy Company L.P. ("DevCo"), a privately held partnership.

All values are in Canadian dollars unless otherwise indicated

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