Bill Barrett Adds to Uinta Acreage
Bill Barrett Corporation said that it has entered into an exploration and development agreement (EDA) with Ute Energy at Blacktail Ridge in the Uinta Basin. This area includes approximately 99,000 acres of tribal and area of mutual interest land and is located in the Cedar Rim portion of the prolific Altamont-Bluebell field, which has produced over 197 million barrels of oil and 177 billion cubic feet of gas, primarily from the deeper Wasatch Formation.
Blacktail Ridge is adjacent to and just north of the Company's expansive Lake Canyon exploration position, where it is currently drilling the first of a multi-well program offsetting its 2006 Wasatch Discovery at its #1 DLB well. The Company recognizes at least 200 locations in Blacktail Ridge on 160-acre spacing, targeting the Wasatch and Green River formations at depths ranging from 5,000 to 11,000 feet.
Bill Barrett Corporation has agreed to drill a minimum of 5 test wells in 2007 and 8 test wells each subsequent year to earn a 50% working interest and Ute Energy has the option to participate for up to a 50% working interest in all wells within the prospect boundaries.
Fred Barrett, Chairman and Chief Executive Officer, commented, "We are proud and excited to continue our long-standing relationship with the Tribe with the addition of Blacktail Ridge to our extensive Lake Canyon position. We believe that the Blacktail Ridge has significant long-term upside potential, given its proximity to prolific proven Wasatch and Green River production in Cedar Rim."
Bill Barrett Corporation, headquartered in Denver, explores for and develops natural gas and oil in nine basins and the overthrust belt in the Rocky Mountain region of the United States.
- Bill Barrett Adds to Uinta Acreage (Dec 26)
- UTE Consortium Wins Medanito Sur E&P Concession (Aug 02)
- Berry Petroleum Makes Discovery at Lake Canyon, Utah (Jan 13)
Company: Bill Barrett Corporation more info
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