Bill Barrett Corp (BBG) Acquires Piceance Basin Acreage for $60 Million
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Bill Barrett Corporation (NYSE: BBG) has closed a purchase and sale agreement paying $60 million to acquire a 90% working interest in approximately 40,300 undeveloped leasehold acres in Cottonwood Gulch, which is the former Naval Oil Shale Reserve #1 located in the Piceance Basin of western Colorado.
The acquired properties are adjacent to the Rulison and Parachute fields, considered to be among the most prolific fields within the Piceance Basin. Based on regional data and analysis, the Company expects the acquisition to add more than 2 trillion cubic feet equivalent (Tcfe) to probable and possible resources. The leases are located on Federal lands (87.5% net revenue interest) and are ten-year leases that were issued in late 2008. The Company currently produces approximately 100 million cubic feet equivalent per day (net) from the Gibson Gulch field in the Piceance basin. [SM]
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