Bill Barrett Corp. said it will sell its remaining northeast Utah assets for $110 million.
The Denver energy company (NYSE: BBG) said the sale of its Uinta Basin oilfields, which produced 2,300 barrels of oil equivalent per day, will allow it to concentrate on its eastern Colorado/southeastern Wyoming oil production.
"This sale transitions us into a pure-play Denver-Julesburg ("DJ") Basin company, further streamlines our operational cost structure and strengthens our balance sheet and liquidity," said Scott Woodall, CEO and president, in a statement.
The 24,000-acre Uinta Basin asset, which is being sold to an undisclosed third party, had estimated proved reserves of 12 million barrels of oil equivalent, Bill Barrett officials said.
Read more at the Denver Business Journal: http://bit.ly/2iFHltI