Provident Energy Trust sells US oil, gas assets

The Calgary, Alberta-based income trust sold its 22 percent interest in Los Angeles-based BreitBurn Energy Partners and its 96 percent interest in BreitBurn GP LLC back to BreitBurn Energy Partners as Provident focuses on developing Canadian assets.

BreitBurn Energy Partners, a master limited partnership, owns natural gas and crude oil assets in California, Texas, Florida, Michigan and Kentucky.

The partnership, which retired the limited partnership units it acquired in the deal, financed the purchase by increasing its credit facility to $900 million from $750 million. The deal itself increased the partnership's debt by $353 million to $724 million.

Separately, Provident is seeking to sell its remaining U.S. oil and gas assets, a 96 percent stake in privately held BreitBurn Energy Co. LP--which is not affiliated with BreitBurn Energy Partners. BreitBurn Energy Co. LP owns California and Wyoming crude oil properties.

In afternoon trading, shares of Provident rose 20 cents to $11.87, and shares of BreitBurn rose 23 cents to $22.41.