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Land Resources / News / Utah
Bill Barrett buys Uinta Basin oil acreage for $120MM
Source: PennEnergy, by Phaedra Friend Troy
US independent Bill Barrett Corporation (NYSE:BBG) has signed a sale and purchase agreement to acquire the owner and operator of 20,155 net acres in the Uinta Basin of Utah, which is currently producing, as well as associated gathering and transportation infrastructure for $120 million. May 12, 2011 Located near Bill Barrett's Blacktail Ridge-Lake Canyon project, the Uinta Basin acreage includes an estimated 5 million barrels of oil equivalent in proved reserves and an estimated 25 million barrels of oil equivalent in risked, proved probable and possible reserves. The areage currently produces about 750 barrels of oil equivalent.
Read the complete article from PennEnergy » |
