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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DATE OF REPORT (DATE OF EARLIEST EVENT
REPORTED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>May 11, 2012 (May 10, 2012)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BREITBURN ENERGY PARTNERS L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of Registrant as specified
in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 0.8pt; font-size: 10pt; font-weight: bold; text-align: center"><B>Delaware</B></TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.8pt; font-size: 10pt; font-weight: bold; text-align: center"><B>001-33055</B></TD>
    <TD COLSPAN="4" STYLE="padding-right: 0.8pt; font-size: 10pt; font-weight: bold; text-align: center"><B>74-3169953</B></TD></TR>
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    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(State or other jurisdiction
        of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>File Number)</B></P></TD>
    <TD COLSPAN="4">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(I.R.S. Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
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    <TD STYLE="width: 28%">&nbsp;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>515 South Flower Street, Suite 4800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Los Angeles, CA 90071</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(213) 225-5900</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&rsquo;s telephone number,
including area code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 4%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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    <TD STYLE="width: 4%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 96%; padding-right: 0.8pt; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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    <TD STYLE="width: 96%; padding-right: 0.8pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD STYLE="width: 96%; padding-right: 0.8pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Purchase and Sale Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 10, 2012, BreitBurn Operating L.P.
(&ldquo;BOLP&rdquo;), a wholly owned subsidiary of BreitBurn Energy Partners L.P. (the &ldquo;Partnership&rdquo;), entered into
two Purchase and Sale Agreements each dated May 9, 2012&nbsp;(collectively the &ldquo;Purchase Agreements&rdquo;). The assets to
be acquired by BOLP under the Purchase Agreements consist of oil and gas properties, which are located in Howard and Martin Counties,
in the Permian Basin of Texas.&nbsp;&nbsp;The Acquisitions (as defined below) are not conditioned upon each other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The Element Asset Acquisition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of a Purchase and Sale Agreement
with Element Petroleum, LP (&ldquo;Element&rdquo;), as seller, (the &ldquo;Element Purchase Agreement&rdquo;),&nbsp; BOLP agreed
to acquire certain oil and gas assets (the &ldquo;Element Assets&rdquo;) from Element in exchange for approximately $146 million
in cash, subject to customary purchase price adjustments (the &ldquo;Element Acquisition&rdquo;). Concurrently with the execution
of the Element Purchase Agreement, BOLP paid a performance guarantee deposit to Element in the amount of ten percent (10%) of the
unadjusted purchase price in connection with the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Element Purchase Agreement contains
customary representations and warranties and covenants by each of the parties.&nbsp; Among other things, during the interim period
between the execution of the Element Purchase Agreement and closing of the Element Acquisition, Element has agreed to operate and
maintain the assets in the regular and ordinary manner and not to engage in certain types of activities and transactions, subject
to certain exceptions.&nbsp; The Element Purchase Agreement is subject to customary closing conditions and provides that the Element
Acquisition will close on July 2, 2012, after the conditions to closing have been satisfied, or such other time as is mutually
agreed upon by the parties.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The CrownRock Asset Acquisition</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;Under the terms of a Purchase and
Sale Agreement with CrownRock, L.P. (&ldquo;CrownRock&rdquo;), as seller, (the &ldquo;CrownRock Purchase Agreement&rdquo;),&nbsp;
BOLP agreed to acquire certain oil and gas assets (the &ldquo;CrownRock Assets&rdquo;) from CrownRock in exchange for approximately
$74 million in cash, subject to customary purchase price adjustments (the &ldquo;CrownRock Acquisition,&rdquo; and together with
the Element Acquisition, the &ldquo;Acquisitions&rdquo;).&nbsp; Concurrently with the execution of the CrownRock Purchase Agreement,
BOLP paid a performance guarantee deposit to CrownRock in the amount of ten percent (10%) of the unadjusted purchase price in connection
with the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The CrownRock Purchase Agreement contains
customary representations and warranties and covenants by each of the parties.&nbsp; Among other things, during the interim period
between the execution of the CrownRock Purchase Agreement and closing of the CrownRock Acquisition, CrownRock has agreed to operate
and maintain the assets in the regular and ordinary manner and not to engage in certain types of activities and transactions, subject
to certain exceptions.&nbsp; The CrownRock Purchase Agreement is subject to customary closing conditions and provides that the
CrownRock Acquisition will close on July 2, 2012, after the conditions to closing have been satisfied, or such other time as is
mutually agreed upon by the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<I>Funding and Hedging for the Acquisitions
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
early April, the borrowing base under the Partnership&rsquo;s bank credit facility was increased from $788 million to $850 million,
and there is currently $140 million in debt outstanding under the facility. Initially, the Partnership intends to fund the consideration
for the Acquisitions with borrowings under the Partnership&rsquo;s bank credit facility. On May 10, 2012, the Partnership entered
into swaption contracts that provide options to hedge a total of 634,485 barrels of future crude oil production associated with
the Acquisitions at current market prices, ranging from $98.35 per barrel in 2012 to $87.80 per barrel in 2017.</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
swaption contracts have an option expiry and exercise date of July 16, 2012.&nbsp; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the rights
and obligations of BOLP, Element and CrownRock under the Purchase Agreements and the transactions contemplated thereby does not
purport to be complete and is qualified in its entirety by reference to the Purchase Agreements, which are attached hereto as Exhibits
10.1 and 10.2 to this Current Report on Form 8-K and are hereby incorporated by reference into this Item 1.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.01. Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 10, 2012, the Partnership issued
a press release announcing the execution of agreements to acquire oil and gas assets located in the Permian Basin in Texas.&nbsp;&nbsp;A
copy of the press release is furnished and attached as Exhibit 99.1 hereto and is incorporated herein solely for the purposes of
this Item 7.01 disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information set forth in this Current
Report on Form 8-K provided under Item 7.01 and in Exhibit 99.1 shall not be deemed to be &ldquo;filed&rdquo; for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), or otherwise subject to the liabilities
of that Section, unless the Partnership specifically states that the information is to be considered &ldquo;filed&rdquo; under
the Exchange Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.1*&nbsp;&nbsp;Purchase and Sale Agreement, dated May 9, 2012,
between Element Petroleum, LP. and BreitBurn Operating L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10.2* Purchase and Sale Agreement, dated May 9, 2012, between
CrownRock, L.P. and BreitBurn Operating L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">99.1&nbsp;&nbsp;&nbsp; BreitBurn Energy Partners L.P. press
release dated May 10, 2012 announcing acquisition agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt">* The schedules to this agreement
have been omitted from this filing pursuant to Item 601(b) (2) of Regulation S-K. The Partnership will furnish copies of such schedules
to the Securities and Exchange Commission upon request.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>SIGNATURES</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 2.8pt">BREITBURN ENERGY PARTNERS L.P.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">By:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">BREITBURN GP, LLC,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">its general partner</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">Dated: May 11, 2012</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">By:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Gregory C. Brown</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">Gregory C. Brown</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">General Counsel and Executive Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><U>Exhibit No.</U>&#9;<U>Documents&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">10.1*&nbsp;&#9;Purchase and Sale Agreement, dated May
9, 2012, between Element Petroleum, LP. and BreitBurn Operating L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">10.2* &#9;Purchase and Sale Agreement, dated May 9,
2012, between CrownRock, L.P. and BreitBurn Operating L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">99.1&nbsp;&nbsp;&nbsp;&#9;BreitBurn Energy Partners
L.P. press release dated May 10, 2012 announcing acquisition agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -9pt">* The schedules to this agreement
have been omitted from this filing pursuant to Item 601(b) (2) of Regulation S-K. The Partnership will furnish copies of such schedules
to the Securities and Exchange Commission upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -9pt">&nbsp;</P>



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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT
REPORTED)
May 11, 2012 (May 10, 2012)
BREITBURN ENERGY PARTNERS L.P.
(Exact name of Registrant as specified
in its charter)
Delaware
001-33055
74-3169953
(State or other jurisdiction
        of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
515 South Flower Street, Suite 4800
Los Angeles, CA 90071
(Address of principal executive office)
(213) 225-5900
(Registrant's telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
Purchase and Sale Agreements
On May 10, 2012, BreitBurn Operating L.P.
("BOLP"), a wholly owned subsidiary of BreitBurn Energy Partners L.P. (the "Partnership"), entered into
two Purchase and Sale Agreements each dated May 9, 2012 (collectively the "Purchase Agreements"). The assets to
be acquired by BOLP under the Purchase Agreements consist of oil and gas properties, which are located in Howard and Martin Counties,
in the Permian Basin of Texas.  The Acquisitions (as defined below) are not conditioned upon each other.
The Element Asset Acquisition
Under the terms of a Purchase and Sale Agreement
with Element Petroleum, LP ("Element"), as seller, (the "Element Purchase Agreement"),  BOLP agreed
to acquire certain oil and gas assets (the "Element Assets") from Element in exchange for approximately $146 million
in cash, subject to customary purchase price adjustments (the "Element Acquisition"). Concurrently with the execution
of the Element Purchase Agreement, BOLP paid a performance guarantee deposit to Element in the amount of ten percent (10%) of the
unadjusted purchase price in connection with the acquisition.
The Element Purchase Agreement contains
customary representations and warranties and covenants by each of the parties.  Among other things, during the interim period
between the execution of the Element Purchase Agreement and closing of the Element Acquisition, Element has agreed to operate and
maintain the assets in the regular and ordinary manner and not to engage in certain types of activities and transactions, subject
to certain exceptions.  The Element Purchase Agreement is subject to customary closing conditions and provides that the Element
Acquisition will close on July 2, 2012, after the conditions to closing have been satisfied, or such other time as is mutually
agreed upon by the parties.
The CrownRock Asset Acquisition
Under the terms of a Purchase and
Sale Agreement with CrownRock, L.P. ("CrownRock"), as seller, (the "CrownRock Purchase Agreement"), 
BOLP agreed to acquire certain oil and gas assets (the "CrownRock Assets") from CrownRock in exchange for approximately
$74 million in cash, subject to customary purchase price adjustments (the "CrownRock Acquisition," and together with
the Element Acquisition, the "Acquisitions").  Concurrently with the execution of the CrownRock Purchase Agreement,
BOLP paid a performance guarantee deposit to CrownRock in the amount of ten percent (10%) of the unadjusted purchase price in connection
with the acquisition.
The CrownRock Purchase Agreement contains
customary representations and warranties and covenants by each of the parties.  Among other things, during the interim period
between the execution of the CrownRock Purchase Agreement and closing of the CrownRock Acquisition, CrownRock has agreed to operate
and maintain the assets in the regular and ordinary manner and not to engage in certain types of activities and transactions, subject
to certain exceptions.  The CrownRock Purchase Agreement is subject to customary closing conditions and provides that the
CrownRock Acquisition will close on July 2, 2012, after the conditions to closing have been satisfied, or such other time as is
mutually agreed upon by the parties.
Funding and Hedging for the Acquisitions
In
early April, the borrowing base under the Partnership's bank credit facility was increased from $788 million to $850 million,
and there is currently $140 million in debt outstanding under the facility. Initially, the Partnership intends to fund the consideration
for the Acquisitions with borrowings under the Partnership's bank credit facility. On May 10, 2012, the Partnership entered
into swaption contracts that provide options to hedge a total of 634,485 barrels of future crude oil production associated with
the Acquisitions at current market prices, ranging from $98.35 per barrel in 2012 to $87.80 per barrel in 2017.
These
swaption contracts have an option expiry and exercise date of July 16, 2012.
The foregoing description of the rights
and obligations of BOLP, Element and CrownRock under the Purchase Agreements and the transactions contemplated thereby does not
purport to be complete and is qualified in its entirety by reference to the Purchase Agreements, which are attached hereto as Exhibits
10.1 and 10.2 to this Current Report on Form 8-K and are hereby incorporated by reference into this Item 1.01.
Item 7.01. Regulation FD Disclosure.
On May 10, 2012, the Partnership issued
a press release announcing the execution of agreements to acquire oil and gas assets located in the Permian Basin in Texas.  A
copy of the press release is furnished and attached as Exhibit 99.1 hereto and is incorporated herein solely for the purposes of
this Item 7.01 disclosure.
The information set forth in this Current
Report on Form 8-K provided under Item 7.01 and in Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities
of that Section, unless the Partnership specifically states that the information is to be considered "filed" under
the Exchange Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1*  Purchase and Sale Agreement, dated May 9, 2012,
between Element Petroleum, LP. and BreitBurn Operating L.P.
10.2* Purchase and Sale Agreement, dated May 9, 2012, between
CrownRock, L.P. and BreitBurn Operating L.P.
99.1    BreitBurn Energy Partners L.P. press
release dated May 10, 2012 announcing acquisition agreements.
* The schedules to this agreement
have been omitted from this filing pursuant to Item 601(b) (2) of Regulation S-K. The Partnership will furnish copies of such schedules
to the Securities and Exchange Commission upon request.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BREITBURN ENERGY PARTNERS L.P.
By:
BREITBURN GP, LLC,
its general partner
Dated: May 11, 2012
By:
/s/ Gregory C. Brown
Gregory C. Brown
General Counsel and Executive Vice President
EXHIBIT INDEX
Exhibit No.
Documents
10.1* 	Purchase and Sale Agreement, dated May
9, 2012, between Element Petroleum, LP. and BreitBurn Operating L.P.
10.2* 	Purchase and Sale Agreement, dated May 9,
2012, between CrownRock, L.P. and BreitBurn Operating L.P.
99.1   	BreitBurn Energy Partners
L.P. press release dated May 10, 2012 announcing acquisition agreements.
* The schedules to this agreement
have been omitted from this filing pursuant to Item 601(b) (2) of Regulation S-K. The Partnership will furnish copies of such schedules
to the Securities and Exchange Commission upon request.