The Bill Barrett Corporation has announced the sale of its remaining assets located in the Uintah Basin for cash proceeds of approximately $110 million dollars. Bill Barrett Corporation is headquartered in Denver and develops oil and natural gas in the Rocky Mountain region of the United States. The announcement, made November 20th, states that the company entered into an agreement with unaffiliated third parties to sell the remaining non-core assets in northeastern Utah. The company’s assets have estimated reserves of 12 million barrels of oil in the Uintah Basin. Company President and CEO Scot Woodall explained that the sale streamlines the operational cost structure and strengthens their balance sheet and liquidity. “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,” shares Woodall. The transaction is expected to close by
December 31st.
