UPDATE 1-Provident sells U.S. investments for $345 mln

(Adds details. In U.S. dollars unless noted.)

CALGARY, Alberta, June 17 (Reuters) - Provident Energy Trust (PVE_u.TO: Quote, Profile, Research) said on Tuesday it has sold its stake in some oil-producing partnerships in the United States to BreitBurn Energy Partners LP (BBEP.O: Quote, Profile, Research) for $345 million, and that it will use the cash to cut debt.

Provident, which produces oil and gas and owns natural-gas processing plants, sold its 22 percent stake in BreitBurn back to the company, as well as its 96 percent interest in BreitBurn GP LLC.

The trust said it is still looking to sell its 96 percent stake in BreitBurn Energy Co LP, a privately held partnership.

Provident said in February it was mulling the sale of its U.S. investments as it looked for ways to cope with the pending end of tax breaks offered trusts coming in 2011.

Provident said the proceeds will be applied to its Canadian senior credit facility.

Provident units rose 13 Canadian cents to C$12.13 on the Toronto Stock Exchange. The units have dropped 5.1 percent over the past 12 months.

($1=$1.02 Canadian) (Reporting by Scott Haggett; Editing by Peter Galloway)