iOS app Android app More

Bill Barrett sells natural gas assets for $371M

stumbleupon: Bill Barrett sells natural gas assets for $371M   digg: US Works With Sudan Government Suspected Of Aiding Genocide   reddit: Bill Barrett sells natural gas assets for $371M   del.icio.us: Bill Barrett sells natural gas assets for $371M

October 23, 2013 11:05 AM EST | AP


DENVER (AP) — Bill Barrett Corp. said Wednesday that it reached a deal to sell its West Tavaputs natural gas property in Utah for $371 million. The company did not disclose who the purchaser was.

The Denver-based oil and gas company expects the deal to close before the end of the year. Bill Barrett will use the proceeds to pay down debt, which stood at $1.2 billion as of June 30.

The property, located in the Uinta Basin, is 35,000 net acres and has 300 producing wells. Bill Barrett expects to record non-cash impairment charges of $200 million in the third quarter.

Shares of Bill Barrett fell $1.10, or 4 percent, to $26.09 in late morning trading Wednesday. The stock is down more than 45 percent since the start of the year.