Breitburn Energy Partners LP (BBEP) said Quicksilver Resources Inc's (KWK) November 24, 2009 press release indicated that the Court has made a final ruling on the Quicksilver lawsuit, that a BreitBurn annual meeting must be held within 120 days, and that at that meeting Quicksilver would be entitled to vote all of its units in the election of directors. None of these assertions are true.
On October 31, 2008, Quicksilver Resources, a limited partner in BreitBurn Energy, filed a lawsuit in Fort Worth against BreitBurn. BreitBurn believed that this lawsuit is part of a campaign by Quicksilver to gain working control of the partnership to serve its own ends.
Breitburn said that the Court's order referred to by Quicksilver is a partial decision on a series of motions brought by the parties and is not final or complete. Not all of the important issues related to the election of directors have been resolved.
Breitburn also noted that the trial on these and all other outstanding issues remains scheduled for April 2010. An annual meeting for the purpose of electing directors cannot be held until the issues concerning the election of directors and the proper procedures and safeguards adopted by the board are finally resolved. In the interim, the current board, composed of a majority of non-management, independent directors, will continue to serve as directors of BreitBurn.
BreitBurn believed that when the lawsuit has been fully resolved, BreitBurn's actions will be shown to have been proper and in the best interests of all of the limited partners.
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