Mizuho Securities Upgrades Bill Barrett (BBG) to Buy

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Bill Barrett (BBG) to Sell Powder River Basin, Gibson Gulch Assets

September 16, 2014 7:47 AM EDT

Bill Barrett (NYSE: BBG) signed purchase and sale agreements with several undisclosed purchasers for the sale of the majority of its Powder River Basin acreage and the Company's remaining position in the Gibson Gulch natural gas program in the Piceance Basin. The transactions include an acreage exchange whereby Bill Barrett Corporation acquires 7,856 net acres and 390 barrels of oil equivalent per day ("Boe/d") net production within the southern block of its operated Northeast Wattenberg area in exchange for acreage in the Powder River Basin. The total value of the transactions is $757 million and includes... More

Vanguard Natural (VNR) to Acquire Certain Piceance Basin Assets from Bill Barrett (BBG)

September 16, 2014 7:17 AM EDT

Vanguard Natural Resources (Nasdaq: VNR) announced it has entered into a definitive agreement to acquire natural gas, oil and natural gas liquids (NGLs) assets in the Piceance Basin in Colorado for a purchase price of $525 million from Bill Barrett Corporation (NYSE: BBG). The properties consist of approximately 12,000 net acres that are currently producing approximately 67 MMcfe per day, after consideration of ethane rejection, with approximately 76% natural gas, 5% oil and 19% NGLs. The effective date of the acquisition is July 1, 2014 and the Company anticipates closing this acquisition on or before October 1, 2014.

Scott W.... More