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Bill Barrett Corp Announces Uinta Basin Asset Sale

Source: www.gulfoilandgas.com 11/20/2017, Location: North America

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Bill Barrett Corp 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 approx. $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 approx. 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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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