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LOS ANGELES, Jan 18, 2010 (BUSINESS WIRE) -- BreitBurn Energy Partners L.P. (the "Partnership" or "BBEP") announced today that, with regard to the lawsuit filed by Quicksilver Resources Inc. ("Quicksilver") against the Partnership, the trial court in Fort Worth, Texas, issued an order on Friday which declined to enter a mandatory injunction requested by Quicksilver requiring that an annual meeting be held by March 23, 2010, but granted a temporary injunction "enjoining BreitBurn LP and BreitBurn GP from giving effect to the 'Revised Amendment No. 1 to the First Amended and Restated Agreement of Limited Partnership of BreitBurn Energy Partners L.P. (the 'Revised Amendment') purportedly adopted by BreitBurn GP's Board of Directors on December 29, 2009." This order has no immediate effect on the Partnership since no specific actions under the Revised Amendment are planned.
The temporary injunction also enjoins the Partnership "from adopting or proposing any amendment to the Partnership Agreement without leave of court." This will require the Partnership to seek leave of Court to implement the Partnership's previously announced intention to propose amendments to the voting rights process of the Partnership Agreement with the goal of providing meaningful voting rights to all limited partners in the election of directors.
The trial court set a hearing on Quicksilver's motion for permanent injunction on issues concerning voting rights of the limited partners on March 1, 2010. The Partnership intends to continue to vigorously pursue its right to determine and implement a plan of meaningful voting rights for limited partners with respect to the election of directors. It will move for reconsideration of what it believes to be erroneous rulings and will seek to obtain relief on appeal if necessary.
About BreitBurn Energy Partners L.P.
BreitBurn Energy Partners L.P. is a California-based publicly traded independent oil and gas limited partnership focused on the acquisition, exploitation, development and production of oil and gas properties. These producing and non-producing crude oil and natural gas reserves are located in Northern 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. See www.BreitBurn.com for more information.
Cautionary Statement Relevant to Forward-Looking Information
This press release may contain 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 "will," "intends," 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 Court schedules and calendars, litigation uncertainties and the factors set forth under the heading "Risk Factors" incorporated by reference from our Annual Report on Form 10-K, 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, BreitBurn 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.
BBEP-IR
SOURCE: BreitBurn Energy Partners L.P.
Investor Relations Contacts:
BreitBurn Energy Partners L.P.
James G. Jackson
Executive Vice President and Chief Financial Officer
213-225-5900 x273
or
Gloria Chu
Investor Relations
213-225-5900 x210
Copyright Business Wire 2010