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    Breitburn updates on acquisition of QR Energy

    Breitburn Energy Partners LP

    Breitburn Energy Partners LP (NASDAQ:BBEP) and QR Energy LP (NYSE: QRE) have received notification of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with Breitburn’s proposed merger with QR Energy, thereby satisfying a condition to the closing of the transaction.

    The transaction is subject to other regulatory approvals and customary closing conditions, including the approval of QR Energy unitholders, and is expected to close in late 2014 or early 2015.

    As previously announced on July 24, Breitburn and QR Energy entered into a definitive merger agreement pursuant to which Breitburn will acquire QR Energy in a unit-for-unit exchange implying a transaction value of $3.0 billion, including QR Energy’s existing net debt and outstanding Class C convertible preferred units. This combination will result in Breitburn becoming the largest, oil-weighted upstream oil and gas master limited partnership with a pro forma enterprise value of $7.8 billion and current average daily production of 57,300 boe/d.

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