Bill Barret Finalizes DJ Basin Acquisition
Bill Barrett has closed its previously announced acquisition of properties in the Denver-Julesburg (DJ) Basin from an affiliate of Texas American Resources Company.
The DJ Basin acquisition includes a preliminary estimate of 7 million barrels of oil equivalent (MMBoe) net proved reserves, approximately 650 Boe per day net production and approximately 28,000 net acres of mineral leasehold, primarily on fee lands. The acquired properties currently have producing wells in the Wattenberg Field with production from the Codell, Niobrara and J Sands formations. Acquired exploration acreage is located predominantly in the Chalk Bluffs area just north of the Wyoming-Colorado border, neighboring the Hereford area just south of the border, where the Company intends to target oil in the Niobrara formation.
The DJ Basin acquisition was completed for approximately $150 million, subject to post-closing adjustments. The Company plans to initiate exploration and development of the Chalk Bluffs and Wattenberg areas, respectively, with a one-rig program beginning in October 2011.
- Bill Barrett To Sell Gas Assets, Buy Oil Properties (Sep 16)
- Bill Barrett Earmarks $475-$525M for 2013 Capex (Jan 04)
- Bill Barrett Adds Member to BOD (Dec 01)
Company: Texas American Resources more info
- TARC Successfully Completes 1st Eagle Ford Well (Dec 06)
- Bill Barret Finalizes DJ Basin Acquisition (Aug 17)
- Texas American Resources Completes Prepaid Swap (Apr 21)