DENVER, Nov. 20, 2017 /PRNewswire/ -- Bill Barrett
Corporation (the "Company") (NYSE: BBG) announced today that it has
entered into an agreement with unaffiliated third parties to sell
its remaining non-core assets located in the Uinta Basin for cash
proceeds of approximately $110
million. The transaction is expected to close on or before
December 31, 2017, and is subject to
customary closing conditions and adjustments. The assets produced
approximately 2,300 Boe/d (91% oil) during the third quarter of
2017 and had estimated proved reserves of 12 million barrels of oil
equivalent (100% proved developed) as of December 31, 2016.
Chief Executive Officer and President Scot Woodall commented, "This sale transitions
us into a pure-play Denver-Julesburg ("DJ") Basin company, further
streamlines our operational cost structure and strengthens our
balance sheet and liquidity. We have a top-tier oil position in the
DJ Basin with our 2017 capital program underpinning a strong growth
profile in 2018 as we expect to generate greater than 30% growth
from our Northeast Wattenberg assets. We anticipate that our 2018
capital program will be fully funded as we exit 2017 with a
significant cash position and an improved leverage
ratio."
Tudor, Pickering, Holt & Co. advised the Company with
respect to the Uinta Basin divestiture process.
Forward-Looking Statements
All statements in this press release, other than statements of
historical fact, are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Words such
as expects, forecast, guidance, anticipates, intends, plans,
believes, seeks, estimates and similar expressions or variations of
such words are intended to identify forward-looking statements
herein; however, these are not the exclusive means of identifying
forward-looking statements. Forward-looking statements in this
release relate to, among other things, the closing and anticipated
effects of, and proceeds from, the planned asset sale.
These and other forward-looking statements in this press release
are based on management's judgment as of the date of this release
and are subject to numerous risks and uncertainties. Actual results
may vary significantly from those indicated in the forward-looking
statements. Please refer to the Company's Annual Report on Form
10-K for the year ended December 31, 2016 filed with the SEC,
and other filings, including our Current Reports on Form 8-K and
Quarterly Reports on Form 10-Q, all of which are incorporated by
reference herein, for further discussion of risk factors that may
affect the forward-looking statements. The Company encourages you
to consider the risks and uncertainties associated with projections
and other forward-looking statements and to not place undue
reliance on any such statements. In addition, the Company assumes
no obligation to publicly revise or update any forward-looking
statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in
Denver, Colorado, develops oil and
natural gas in the Rocky Mountain region of the United States. Additional information
about the Company may be found on its website
www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation