Provident Energy Trust announces completion of sale of equity interest of BreitBurn Energy Company LP for USD305m

Wed. August 27, 2008; Posted: 09:58 AM

Aug 27, 2008 (M2 EQUITYBITES via COMTEX) -- PVX | Quote | Chart | News | PowerRating -- Provident Energy Trust (Toronto: PVE-UN.TO) (NYSE: PVX), an open-end investment trust, disclosed on 26 August that the sale of BreitBurn Energy Company LP for a total amount of USD305m, consisting of USD295m in cash and an USD10m note, has been completed. After an announcement in February 2008, the sale of Provident's US Oil and Natural Gas division has been concluded. BreitBurn Energy Partners LP and BreitBurn Energy Partners GP was sold for a total amount of USD650m recently.

The proceeds after taxation that are estimated to be CAD440m will be used to pay off the company's debt.

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For full details on Breitburn Energy Partner Units (BBEP) click here. Breitburn Energy Partner Units (BBEP) has Short Term PowerRatings of 6. Details on Breitburn Energy Partner Units (BBEP) Short Term PowerRatings is available at This Link.

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