Bill Barrett To Sell Gas Assets, Buy Oil Properties
Sept 16 (Reuters) – Bill Barrett Corp said it would exchange most of its acreage in Wyoming's Powder River Basin for oil-producing assets in Colorado, and also sell some natural gas assets in the state in transactions valued at $757 million.
Bill Barrett did not identify the buyers, but Vanguard Natural Resources LLC said in a statement that it would buy properties in Colorado's Piceance Basin from Bill Barrett for $525 million.
The 12,000 net acres Vanguard is acquiring are producing about 67 million cubic feet equivalent per day, it said.
Bill Barrett said the transactions would reduce its net debt to about $450 million from $1.1 billion. It said the deals would also increase its acreage in Colorado's Northeast Wattenberg by about 20 percent.
(Reporting By Manya Venkatesh in Bangalore; Editing by Saumyadeb Chakrabarty and Maju Samuel)
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