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Uinta Basin — Bill Barrett Corporation has signed a purchase and sale agreement with an undisclosed purchaser for the sale of its West Tavaputs natural gas property located in the Uinta Basin. Total consideration, prior to customary closing adjustments, is $371 million and includes approximately $46 million for the purchaser's assumption of the lease financing obligation for compressor units on the property. The transaction is expected to close before year-end.
Cash proceeds of approximately $325 million will be adjusted at closing for an effective date of August 1, 2013 and for transaction costs. Proceeds will be applied to reducing outstanding debt under the Company's revolving credit facility. The transaction includes approximately 35,000 net acres, 300 producing wells, 265 billion cubic feet equivalent net proved reserves (based on year-end 2012) and 68 MMcfe/d net production (based on the second quarter of 2013).
"Completing this transaction is consistent with our objectives to partially fund our capital program through asset sales, to end 2013 with total debt less than year-end 2012 and to divest of projects where the company is not actively investing,” said CEO and President Scot Woodall.