A bacterium capable of emulsifying hydrocarbon, n-hexadecane, and decreasing surface tension of the culture media using oil collapsing method was isolated. The bacterium was partially identified as Bacillus sp. and named BJS-51. n-Hexadecane was the most effective carbon source for production of biosurfactant. Surface tension was decreased from 76 dyne/cm to 31 dyne/cm and CMD (critical micelle dilution) had the highest value of 5.7 at 3% n-hexadecane. Ammonium phosphate was the most effective nitrogen source, when C/N ratio was 60, surface tension and CMD were 29 dyne/cm and 9.2, respectively. Optimum pH and temperature were 7.2 and $30^{circ}C$, respectively. Produced biosurfactant was extracted and purified using organic solvent extraction method and preparative HPLC systems. After analysis by various color reaction, this biosurfactant was identified as lipopolysaccharide. Surface tension and CMC (critical micelle concentration) of purified biosurfactant were 27 dyne/cm and 0.08 g/l, repectively. CMD was 9.2, so the yield of biosurfactant was about 0.74 g/l at the optimal conditions. The biosurfactant was very stable at wide range of $pH;2{sim}12$ with surface tension $29{sim}31;dyne/cm$ and showed $29{sim}30;dyne/cm$ of surface tension after heat treatment at $100^{circ}C$ for 60 min.