Breitburn Energy Partners Successfully Completes Chapter 11 Reorganization: Emerges as Newly Formed Maverick Natural Resources, LLC, Controlled by Funds and Accounts Managed by EIG Global Energy Partners

LOS ANGELES–(BUSINESS WIRE)–Maverick Natural Resources, LLC (“Maverick”), announced today that it
began operating on April 6, 2018, after it emerged from Chapter 11 as
the successor to Breitburn Energy Partners LP (“Breitburn”). Maverick is
majority-owned and controlled by funds and accounts managed by EIG
Global Energy Partners (“EIG”).

As a result of the restructuring process, Maverick has debt of
approximately $105 million, which is substantially lower than
Breitburn’s $2.96 billion debt balance prior to initiating the
restructuring process. Maverick has approximately $295 million of
additional borrowing capacity under a new bank credit facility.
Maverick’s balance sheet provides it with significant financial
flexibility and positions the organization for long-term success.

Clayton Taylor, Managing Director of EIG, said: “We are pleased to close
this chapter and focus on generating value for the Maverick platform.
Maverick will emerge with low leverage, a simple balance sheet, and
sufficient liquidity to remain adaptive to the ever-changing market
conditions. Following a judicious review of the asset portfolio and cost
structure, we believe Maverick is well-positioned to capitalize on cost
reduction initiatives, to deploy capital to high growth prospects and to
potentially build the platform through strategic acquisitions.”

Halbert S. Washburn, Maverick’s Chief Executive Officer, said: “Today
marks a new beginning for our company and all of our stakeholders and
the end of a difficult period managing through the steep and sustained
decline in oil and natural gas prices. Throughout the extended
restructuring process, we remained focused on our key goals of managing
production and reducing costs to preserve the value of our diverse and
long-lived portfolio, substantially reducing debt and dramatically
improving our liquidity position, and achieving a consensual plan of
reorganization among our key creditor groups. I would like to thank our
outstanding employees for their unwavering commitment throughout the
restructuring process.”

Following are highlights of Maverick’s current portfolio of assets:

• Operated approximately 88% of stable long-lived production in 2017,
  averaging 39,742 Boe/d
• Estimated proved reserves of 152.2 MMBOE, approximately 97% of which
  are proved developed reserves with a proved reserve life index
  averaging more than 10 years
• Approximately 1 million gross acres (600,000 net)
• Approximately 11,500 gross wells (7,600 net)

Maverick’s Board of Directors is comprised of the following individuals:

About Maverick

Maverick Natural Resources, LLC is a portfolio company majority-owned
and controlled by funds and accounts managed by EIG. Maverick is focused
on the development and production of long-lived oil and gas reserves
throughout the United States, including the following regions: Midwest,
Ark-La-Tex, Rockies, California, Permian Basin, Southeast and the
Mid-Continent.

About EIG

EIG Global Energy Partners specializes in private investments in energy
and energy-related infrastructure on a global basis and has $17.7
billion under management as of December 31, 2017. Since 1982, EIG has
been one of the leading providers of institutional capital to the global
energy industry, providing financing solutions across the balance sheet
for companies and projects in the oil and gas, midstream,
infrastructure, power and renewables sectors globally. EIG has invested
over $25 billion in more than 320 portfolio investments in 36 countries.
EIG is headquartered in Washington, D.C., with offices in Houston,
London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For more
information, please visit www.eigpartners.com.

Important Disclaimer

Certain information contained herein constitutes “forward-looking
statements,” which can be identified by the use of forward-looking
terminology such as “outlook, “may,” “will,” “should,” “expect,”
“anticipate,” “target,” project,” “potential,” “estimate,” “intend,”
“continue” or “believe,” or the negatives thereof or other variations
thereon. Because of various risks and uncertainties, actual events or
results or actual performance may differ materially from the events,
results or performance reflected or contemplated in such forward-looking
statements. These factors should not be construed as exhaustive and
should be read in conjunction with the other cautionary statements that
are included in this release and in the Company’s filings. EIG assumes
no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events or circumstances. As a
result, investors should not rely on such forward-looking statements.

This press release is not an offer of securities for sale in the United
States. Any securities referenced herein may not be offered or sold in
the United States absent registration or an exemption from registration.
No public offering of the securities is intended to be made into the
United States, but any public offering of the securities in the United
States would be made via a prospectus that may be obtained from the
issuer and will contain detailed information about the Company and
management, as well as financial statements.

Contacts

Maverick Natural Resources, LLC
Antonio D’Amico
Vice
President, Investor Relations & Government Affairs
(213)
225-0390