Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

NOTE 21 – SUBSEQUENT EVENTS

In preparing the accompanying financial statements, we have reviewed events that have occurred after September 30, 2014, through the issuance of the financial statements.

On September 29, 2014, the Board of Directors approved the first monthly distribution of $0.1625 per unit with respect to the third quarter of 2014 which was paid in October 2014 to the unitholders of record as of October 9, 2014.

On October 27, 2014,  the Board of Directors approved the second monthly distribution of $0.1625 per unit with respect to the third quarter of 2014 which will be paid in November 2014 to the unitholders of record as of November 7, 2014. This distribution will be recorded in the fourth quarter 2014.

On October 17, 2014, we announced a special meeting of unitholders in connection with the proposed merger with Breitburn on November 18, 2014. At the special meeting, our unitholders will meet for the following purposes (i) to consider and vote on the adoption of the Merger Agreement; (ii) to consider and vote on an advisory, non-binding basis to approve the merger-related compensation payments that may become payable to the Partnership’s named executive officers in connection with the merger; and (iii) to approve the adjournment of the special meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies in the event there are not sufficient votes to adopt the merger agreement at the time of the special meeting.