Bill Barrett Corporation (NYSE: BBG) announced today that it has entered into an agreement with an unaffiliated third party to sell certain non-core assets located in the Uinta Basin for cash proceeds of approximately $30 million. The transaction is expected to close on or before June 30, 2016, and is subject to customary closing conditions. The assets produced approximately 1,000 Boe/d (63% oil) during the first quarter of 2016 and had estimated proved reserves of 2 million barrels of oil equivalent (87% proved developed) as of December 31, 2015. Based on the Company’s internal estimates, the expected 2016 operating cash flow from the divested properties will be less than $2 million based on current strip pricing.
Chief Executive Officer and President Scot Woodall commented, ‘The sale of another portion of our non-core Uinta Basin assets at attractive sale metrics further streamlines our operational portfolio and improves operating metrics. Given the current outlook for commodity prices and a focus on our core DJ Basin assets, we had no development activity planned for this year. The divestiture will minimally impact our 2016 production and cash flow, while improving our operating cost structure due to the higher-cost nature of the properties. The proceeds from this transaction will be used to strengthen our balance sheet by adding to our cash position.’
Wells Fargo Securities, LLC advised the Company with respect to the Uinta Basin divestiture process.
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