For the acquisiton, the company will provide an estimated amount of $40m in cash.
The transaction is expected to complete in 2012.
BreitBurn CEO Hal Washburn said the company expects attractive growth opportunities in the Belridge Field, which is one of the largest fields in California.
"These assets will add to our high quality California oil production being sold based on Brent crude which is currently priced at approximately $110 per barrel, representing a significant premium over WTI," Washburn added.
"This is our fourth acquisition in 2012, bringing the total value of the acquisitions year to date to over $400 million, demonstrating our ongoing commitment to our growth through acquisitions strategy."
Daily net production from the feild is about 825 Boe/day and the estimated reserve life index is over 12 years.
