Davis Polk & Wardwell is advising Metalmark Capital LLC and Greenhill Capital Partners on their $305 million acquisition of BreitBurn Energy Partners LP from Provident Energy Trust. The acquisition consists of $295 million in cash and a $10 million note. The size of the stake acquired was not disclosed.

Metalmark Capital is a New York-based principal investment firm specializing in all stages of development in middle market businesses. Greenhill Capital is a New York-based private investment firm specializing in investments in buyouts, recapitalizations and growth capital financings in middle market companies. BreitBurn Energy is a Los Angeles, California-based independent oil and gas limited partnership, focused on the acquisition, exploitation and development of oil and gas properties for the purpose of generating cash flow to achieve its goal of providing stable and growing cash distributions to unitholders. Provident Energy is a Calgary, Canada-based open-end investment trust.

The Davis Polk corporate team includes partner John A. Bick, associates Paul Denley Hodgdon, Brian Rooder and David M. Hutchins and summer associate Gerald M. Moody. The tax team includes partner Mary Conway and associate Craig A. Phillips. Partner Gail A. Flesher, counsel Betty Moy Huber and associate Elisabeth Hanratty are providing environmental advice. Partner Jean M. McLoughlin and associate Sonal Jain are providing employee benefits advice. Counsel James P. McIntyre and associate Alan R. Lewis are providing real estate advice. Partner Lawrence E. Wieman and associates Carson T. Stewart, Vivian Y. Wong and Jeffrey Meriggi (not yet admitted) are providing credit advice. All members of the Davis Polk team are based in the New York office.