DENVER, Aug. 15, 2016 /PRNewswire/ -- Bill Barrett
Corporation (the "Company") (NYSE: BBG) announced today that it
will resume its extended reach lateral ("XRL") development program
in the Denver-Julesburg ("DJ") Basin during the third
quarter of 2016. It is expected that up to 12 gross XRL wells will
spud prior to the end of year and be placed on initial production
in the first quarter of 2017. The Company projects that its 2016
capital expenditures will now be at the high end of its previously
disclosed guidance range of $75-$100
million to account for the additional drilling activity.
Chief Executive Officer and President Scot Woodall commented, "We continue to have
strong confidence in the underlying economics of our XRL
development program. We believe that lower demonstrated well costs
and operating expenses, combined with a narrowing DJ Basin oil
price differential, will generate a competitive rate-of-return in
the current commodity price environment. While the increased
activity will not impact our 2016 production, it builds increasing
operational momentum as we move in to 2017. We remain positioned to
be cash flow positive this year even at the upper end of our
capital expenditure guidance range, allowing us to preserve the
strength of our liquidity position."
An updated corporate presentation containing information
included within this press release will be posted to the Company's
website prior to market open on Monday,
August 15, 2016. The presentation can be found at
www.billbarrettcorp.com under the "Investor Relations" section.
Forward-Looking Statements
All statements in this press release, other than statements of
historical fact, are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Words such
as expects, forecast, guidance, anticipates, intends, plans,
believes, seeks, estimates and similar expressions or variations of
such words are intended to identify forward-looking statements
herein; however, these are not the exclusive means of identifying
forward-looking statements. In particular, statements regarding
expected capital expenditures and projects, costs, prices and
differentials, production, cash flows, balance sheet attributes and
rates of return are forward-looking statements. These and other
forward-looking statements in this press release are based on
management's judgment as of the date of this release and are
subject to numerous risks and uncertainties. Actual results may
vary significantly from those indicated in the forward-looking
statements. Please refer to the Company's Annual Report on Form
10-K for the year ended December 31, 2015 filed with the SEC,
and other filings, including our Current Reports on Form 8-K and
Quarterly Reports on Form 10-Q, all of which are incorporated by
reference herein, for further discussion of risk factors that may
affect the forward-looking statements. The Company encourages you
to consider the risks and uncertainties associated with projections
and other forward-looking statements and to not place undue
reliance on any such statements. In addition, the Company assumes
no obligation to publicly revise or update any forward-looking
statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in
Denver, Colorado, develops oil and
natural gas in the Rocky Mountain region of the United States. Additional information
about the Company may be found on its website
www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation