Bill Barrett Corporation has signed a sale and purchase agreement with a Texas American Resources subsidiary to acquire oil assets in the Denver-Julesburg Basin in Colorado, US, for a total value of $150m.
The assets include the Codell and Niobrara formations, which have preliminary estimates of seven million barrels of oil equivalent net proved reserves, a net production of 650boe per day and a 113km² mineral leasehold.
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With this acquisition, the total area acquired by Bill Barrett in the Denver-Julesburg Basin will equate to 271km².
Bill Barrett chairman and CEO Fred Barrett said that the firm has now established a new, sizable play in Denver-Julesburg that includes exploitation opportunities within the existing Wattenberg development area and a sizable exploration acreage position.
The transaction is to be closed in the third quarter of 2011.
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By GlobalData
