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BreitBurn Energy Partners L.P. (NASDAQ: BBEP) is an independent oil and gas limited partnership, focused on the acquisition, exploitation and development of oil and gas properties for the purpose of generating cash flow to make 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 Powder River Basin in eastern Wyoming, the Evanston and Green River Basins in southwestern Wyoming, the Sunniland Trend in Florida, the Permian Basin in Texas, the Antrim Shale in Michigan, and the New Albany Shale in Indiana and Kentucky.
Randall H. Breitenbach was appointed to be a member of the Board of Directors of our general partner in December 2011. Randall H. Breitenbach has been the President of our general partner since April 2010 and previously served as the Co-Chief Executive Officer and a Director of our general partner since March 2006. Mr. Breitenbach is also the co-founder and has been the Co-Chief Executive Officer of BreitBurn Energy and its predecessors since 1988. Mr. Breitenbach has been active in the petroleum industry for over 20 years. He currently serves as a Trustee and is Chairman of the Governance and Nominating Committee for Hotchkis and Wiley Funds, which is a mutual funds company. Mr. Breitenbach holds both a B.S and M.S. degree in Petroleum Engineering from Stanford University and an M.B.A. from Harvard Business School.
The City Council Monday in a historic vote agreed to oil drilling in the Whittier hills. The 5-0 vote approving the environmental impact report came at 7:17 p.m. and the same vote for the conditional use permit was made at 7:28 p.m., concluding the seventh meeting on the issue. The votes came after 3½ years when it was first proposed and about 32 hours of public testimony and City Council discussion. Each council member spoke for about 10 minutes on their rationale for supporting the proposal by Santa Barbara-based Matrix Oil Co. to drill for oil. "I believe this project will help continue our generational quality of life," Councilman Joe Vinatieri said. "This is one of the most significant things that will impact us in the last 50 years." Proponents said the project would bring significant money to the city - $7.5 million to as much as $115.4 million annually according to a city study. Roy McKee, vice president of the anti-oil-drilling Whittier Hills Oil Watch, said he was disappointed in the council's action, in particular there was nothing said about the health issues that could come from the project. "There still is no resolution of the money," he said, referring to the issue of the 1992-parcel tax Advertisement Proposition A that provided the $9.3 million for the city to buy the 1,290 acres in the Whittier hills. McKee and other opponents have predicted the city would never receive any money because Los Angeles County would get it all thanks to provisions in Proposition A. It requires the city to buy the property, which will be used for oil drilling, at fair market value. County officials also say they must approve the project.
"focused on the acquisition, exploitation and development of oil and gas properties for the purpose of generating cash flow to achieve our goal of providing our unitholders with stable and growing cash distributions."