Breitburn Energy Partners Provides Interim Estimated Proved Reserves Update

Breitburn Energy Partners LP (NASDAQ:BBEP) today released its interim
estimated total proved reserves (Interim Reserves) and present value of
estimated future net cash flows relating to such estimated reserves
discounted using an annual rate of 10% (PV10), as of November 1, 2015,
based on NYMEX future strip prices as of November 2, 2015.

The table below summarizes Breitburn’s estimated Interim Reserves and
PV10 as of November 1, 2015, based on NYMEX future strip prices as of
November 2, 2015, and the estimated market-to-market value of its
commodity hedges as of November 1, 2015.

(1) The Interim Reserves and PV10 have not been prepared by an
independent engineering firm and are based on internal estimates. The
Interim Reserves and PV10 have not been calculated pursuant to SEC rules
and regulations, which require that they be estimated using the average
price during the prior 12-month period, determined as an unweighted
average of the first-day-of-the-month price for each month (without
regard to Breitburn’s commodity derivative positions and without
assuming any change in Breitburn’s development plans or costs, which has
not been the case historically in periods of prolonged depressed
commodity prices).

The Interim Reserves and PV10 are based on NYMEX future strip prices as
of November 2, 2015 (approximately $46.14 - $58.79 per Bbl for WTI,
approximately $48.80 - $64.02 per Bbl for Brent, and approximately $2.26
- $3.15 per MMBtu for Henry Hub through 2020 and then held flat
thereafter). The use of these future prices is for illustration purposes
only, does not necessarily indicate Breitburn’s overall view on future
commodity prices, and does not represent a forecast or estimate of
Breitburn’s estimated total proved reserves as of December 31, 2015,
which will be reported as of that date in Breitburn’s Form 10-K for
2015. See Part I—Item 1A “—Risk Factors” in Breitburn’s Form 10-K for
2014 for a description of some of the risks and uncertainties associated
with our business and reserves.

PV10 is a non-GAAP measure. Breitburn’s calculation of PV10 differs from
the standardized measure of discounted future net cash flows determined
in accordance with SEC rules and regulations in that it is presented
including the impact of updated estimated reserves and future strip
prices rather than the average price during the prior 12-month period,
determined as an unweighted average of the first-day-of-the-month price
for each month. Information used to calculate PV10 is not derived
directly from data determined in accordance with the provisions of
applicable accounting standards. Breitburn’s calculation of PV10 should
not be considered as an alternative to the standardized measure of
discounted future net cash flows required under SEC rules and
regulations.

The following is a reconciliation of the standardized measure of
discounted future net cash flows at December 31, 2014, to Breitburn’s
calculation of PV10 in this press release using interim estimated proved
reserves and future strip prices (through 2020 and then held flat
thereafter) as of November 2, 2015 (in millions):

** Represents the present value of estimated future net revenue to be
generated from the production of proved reserves, determined in
accordance with SEC rules and regulations (using prices and costs in
effect as of December 31, 2014), less future development, production and
income tax expenses, and discounted at 10% per annum to reflect the
timing of future net revenue, without giving effect to derivative
transactions.

(2) Estimated value for commodity hedges reflects mark-to-market value
as of November 1, 2015, based on November 2, 2015 NYMEX future strip
prices (approximately $46.14 - $58.79 per Bbl for WTI, approximately
$48.80 - $64.02 per Bbl for Brent, and approximately $2.26 - $3.15 per
MMBtu for Henry Hub through 2020).

Breitburn is disclosing the information in this press release pursuant
to its obligations under separate confidentiality agreements with
certain holders of its unsecured notes (Noteholders). While Breitburn
has been in discussions with the Noteholders concerning a potential
privately negotiated debt restructuring transaction, there can be no
assurance that such a transaction will be completed.

The information disclosed herein does not constitute an offer to buy, or
a solicitation of an offer to buy notes or any other Breitburn security.

About Breitburn Energy Partners LP

Breitburn Energy Partners LP is a publicly traded, independent oil and
gas master limited partnership focused on the acquisition, development,
and production of oil and gas properties throughout the United States.
Breitburn’s producing and non-producing crude oil and natural gas
reserves are located in the following seven producing areas: Ark-La-Tex,
Michigan/Indiana/Kentucky, the Permian Basin, Mid-Continent, the
Rockies, Florida, and California. See www.breitburn.com
for more information.

Cautionary Statement Regarding Forward-Looking
Information

This press release contains forward-looking statements. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that Breitburn
expects, believes or anticipates will or may occur in the future are
forward-looking statements. These statements are based on certain
assumptions made by Breitburn based on management’s experience and
perception of historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Such
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, including those which are set
forth under the heading “Risk Factors” in our Annual Report on Form 10-K
filed with the Securities and Exchange Commission, and if applicable,
our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K.

Reserve engineering is a complex and subjective process of estimating
underground accumulations of oil and natural gas that cannot be measured
in an exact way, and the accuracy of any reserve estimate is a function
of the quality of available data and of engineering and geological
interpretation and judgment. As a result, estimates prepared by one
engineer may vary from those prepared by another. Estimates of proved
reserves for our oil and gas properties as of December 31, 2015 will be
prepared by independent petroleum engineering firms in accordance with
SEC rules and regulations governing the preparation of estimated proved
reserves using the unweighted average of the first-day-of-the-month
price for each month in the 12-month period ending December 31, 2015,
and other information available at that time. Upon completion of their
review, the estimate of the proved reserves for our oil and gas
properties as of December 31, 2015 may be materially different from our
management’s estimates of the proved reserves for our oil and gas
properties as of November 1, 2015 shown in the table above.

Potential Tax Liabilities

Potential debt exchanges, repurchases or cancellations and/or asset
sales could result in a tax liability for Breitburn’s unitholders. The
effect to each unitholder would depend on the unitholder’s individual
tax position with respect to any units that it is holding. If available,
prior year passive losses from a unitholder’s interest in Breitburn may
serve to reduce or eliminate such unitholder’s current and future year
taxable income and related income tax liability.

BBEP-IR

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