Businessweek

Bill Barrett Corporation, together with its wholly-owned subsidiaries, engages in the exploration, development, and production of crude oil and natural gas in the Rocky Mountain region of the United States. As of December 31, 2011, the company had four primary active development programs, including the Gibson Gulch area in the Piceance Basin; the Uinta Oil Program in the Uinta Basin; the West Tavaputs area in the Uinta Basin; and a primarily oil program in the Denver-Julesburg Basin (DJ Basin). It holds acreage in various basins with plans for drilling activity in the Powder River, southern Alberta, Paradox, and San Juan Basins. Piceance Basin The Piceance Basin is located in northwestern Colorado. As of December 31, 2011, the company had estimated proved reserves of 596.0 billion cubic feet equivalent (Bcfe). It had interests in 826 gross (779.8 net) producing wells and served as an operator in 796 gross producing wells. It also held 42,633 net undeveloped acres, including the Cottonwood Gulch prospect. The company was in the process of drilling 3 gross (3.0 net) wells and waiting to complete 44 gross (44.0 net) wells within the Piceance Basin. Uinta Basin The Uinta Basin is located in northeastern Utah. The company’s development operations are conducted through two primary programs, including the West Tavaputs area, and its Uinta Oil Program. It also has a position in various exploration prospects in the Uinta Basin. West Tavaputs Area: As of December 31, 2011, the company’s estimated proved reserves were 460.7 Bcfe. It had interests in 271 gross (258 net) producing wells and served as the operator in 271 gross producing wells. The company held 22,618 net undeveloped acres, along with 16,119 net acres that are subject to drill-to-earn agreements. The company was in the process of drilling 1 gross (1.0 net) well and waiting to complete 17 gross (12.5 net) wells. It drilled 92 wells in 2011 and completed 89 wells. It had identified 622 potential drilling locations. The company serves as operator of its interests in the West Tavaputs Area. Uinta Oil Program: As of December 31, 2011, the company’s estimated proved reserves were 172.8 Bcfe. It had interests in 121 gross (71.2 net) producing wells and served as an operator in 92 gross wells. The company held 53,240 net undeveloped acres, along with 60,888 net acres that are subject to drill-to-earn agreements. The company was in the process of drilling 3 gross (1.6 net) wells and waiting to complete 2 gross (1.0 net) wells. Blacktail Ridge: The Blacktail Ridge area consists of both vertical and horizontal wells that target the Wasatch, Green River, Uteland Butte, and Mahogany formations. As of December 31, 2011, the company had an acreage position of 23,037 net acres with an additional 16,660 net acres subject to drill-to-earn agreements. As of December 31, 2011, it had earned 17,588 gross (8,794 net) tribal acres in this area. Lake Canyon: The Lake Canyon area consists of both vertical and horizontal wells that target the Wasatch, Green River, and Uteland Butte formations. As of December 31, 2011, the company had an acreage position of 21,595 net acres with an additional 44,228 net acres subject to drill-to-earn agreements. It had earned 10,200 gross (4,640 net) tribal acres in this area. East Bluebell: In 2011, the company acquired oil properties and related assets in the Uinta Basin referred to as East Bluebell. The acquired properties consist of 20,413 net acres that are located approximately 35 miles east-northeast of the Blacktail Ridge and Lake Canyon projects with a mixture of fee, state, federal, and tribal minerals both unitized and non-unitized. DJ Basin The DJ Basin is located in Colorado’s eastern plains and parts of southern Wyoming, western Kansas, and western Nebraska. As of December 31, 2011, the company’s estimated proved reserves were 41.1 Bcfe. It had interests in 216 gross (156.6 net) producing wells and served as an operator in 148 gross wells. It also held 52,075 net undeveloped acres. The company was in the process of drilling 1 gross (1.0 net) well and waiting to complete 2 gross (2.0 net) wells within the DJ Basin.