BreitBurn Energy Partners LP said Thursday that it will price an offering of 10 million limited partnership units at $18.51 each, generating net proceeds of $177.6 million.
The after-expenses net figure could rise to $204.2 million if underwriters exercise their option to buy up to 1.5 million more units.
BreitBurn plans to use the money to reduce debt on its bank credit facility.
The offering is expected to close Tuesday.
BreitBurn buys and develops oil and natural gas properties in Michigan, Wyoming, California, Florida, Texas, Indiana and Kentucky.
Breitburn fell 77 cents, or 4 percent, to close at $18.51.