Breitburn Energy Partners LP fka BBEPQ

[Congo Mining]

Well at this price if we wind up owning a quantity of the new equity that is typically between five and ten cents on the dollar for unsecured bonds anyway. So...I think that the reason it's trading like this is all of the accrued interest and the fact they haven't announced the preferred on time. They typically announce the preferred a month and a half in advance so it's not surprising that they might hold off until a deal is struck with the banks on the asset based line of credit. It's not like they've missed a preferred distribution yet.

The only way we loose is if it goes all the way to CH7...and that's unlikely to happen. They have good properties.

Also the company is run by the original petroleum engineers who started the company thirty years ago. One is the CEO the other is on the Board. From my conversations and reading the conference call they are going to do all they can to keep it going. Perhaps things have changed since mid Feb when I called in but they seemed optimistic then and that was when oil was around $27.