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Uinta Basin — Bill Barrett Corporation closed on its previously announced sale of the West Tavaputs natural gas property located in the Uinta Basin to affiliates of EnerVest, Ltd. for a total adjusted transaction value of $369 million.
The total transaction value includes approximately $46 million for the purchaser's assumption of the company's lease financing obligation related to compressor units on the property. The transaction value was adjusted to the August 1, 2013 effective date, based on preliminary accounting data, and for other customary closing adjustments, providing net cash proceeds of approximately $310 million. Proceeds from the transaction have been applied towards the $390 million balance on the company's revolving credit facility.