DENVER BUSINESS JOURNAL - 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.
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