• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Bill Barrett Corporation Reports 2007 Results: Another Record Year

Posted on: Tuesday, 26 February 2008, 09:01 CST

Bill Barrett Corporation (NYSE: BBG) today reported full-year 2007 operating results highlighted by:

 --  Production growth, up 17% to 61.2 Bcfe --  Proved reserve growth, up 30% to 558 Bcfe, up 44% adjusting for     property sales --  Reserve replacement ratio 382% --  Proved, probable and possible resources of 2 Tcfe --  Discretionary cash flow of $248.5 million, or $5.56 per diluted share --  Net income of $26.8 million, or $0.60 per diluted share --  Finding and development costs of $1.83 per Mcfe      

Chairman and Chief Executive Officer, Fred Barrett, commented: "We are very pleased with 2007 results, which reflect a continuation of our strong development programs. Our team delivered record growth in reserves along with very strong production and record cash flows, despite a challenging natural gas price environment. We are now realizing substantial reserve growth at a very competitive cost at our West Tavaputs and Gibson Gulch assets.

"We are well positioned in 2008 for sustained success with 80% of our $550 to $600 million capital expenditure budget devoted to development. In addition, the Company plans to earmark 20% of its budget for a robust exploration program, including four new resource plays and delineation drilling based on encouraging 2007 results at Blacktail Ridge/Lake Canyon, Yellow Jacket and Circus. In addition, the new year brings a stronger and more stable natural gas price environment to Rocky Mountain producers. We expect double digit growth again in 2008."

As previously announced, natural gas and oil production totaled 61.2 billion cubic feet equivalent (Bcfe) for 2007 compared with 52.1 Bcfe in 2006. Including the effect of the Company's hedging activities, the average sales price realized was $6.13 per million cubic feet equivalent (Mcfe) in 2007 compared with $6.60 per Mcfe in 2006. The Company's 2007 hedging program increased its natural gas and oil revenues by $86.9 million or $1.42 per Mcfe on average. For the fourth quarter 2007, production totaled 17.2 Bcfe, up 21% compared with 14.2 Bcfe in the fourth quarter 2006, and the average realized price was $6.19 per Mcfe, down slightly from $6.21 per Mcfe in the fourth quarter 2006.

Proved reserves at year-end 2007 were 558 Bcfe, up 30% from year-end 2006 and up 44% as adjusted for 2007 property sales. Capital expenditures for 2007 totaled $443.7 million. This amount is a slight increase from estimated capital expenditures of $438.0 million provided in the Company's release from January 17, 2008.

Discretionary cash flow (a non-GAAP measure, see page 10) was $248.5 million in 2007 or $5.56 per diluted share, up $10.0 million compared with $238.5 or $5.39 per diluted share in 2006. The year-over-year increase was primarily a result of higher cash operating income generated by a 17% increase in production partially offset by a 7% decline in the average realized price. For the fourth quarter 2007, discretionary cash flow was $70.1 million, or $1.56 per diluted share, compared with $61.6 million, or $1.39 per diluted share, in the prior year period. Fourth quarter 2007 results benefited from the higher year-over-year production volumes.

Net income was $26.8 million or $0.60 per diluted common share in 2007 compared with $62.0 million or $1.40 per diluted common share in 2006. The $35.2 million decline in net income was primarily a result of $10.0 million of higher discretionary cash from operations described above, more than offset by certain higher non-cash expenses. For the fourth quarter 2007, net income was $2.5 million or $0.06 per diluted common share, compared with $11.0 million or $0.25 per diluted common share in the prior year period. Fourth quarter 2007 results were affected by higher depreciation, depletion and amortization expense as well as higher dry hole costs of $13.6 million, which included proportionate expenses for drilling and testing the lower zones of the Draco and Leviathan wells located in the Montana Overthrust, the second Yellow Jacket exploration well located in the Paradox Basin, the most recent West Tavaputs deep well located in the Uinta basin and a non-operated well in the Wind River Basin.

OPERATIONS

Production, Wells Spud and Capital Expenditures

The following table lists wells spud and total capital expenditures by basin for the full-year 2007:

                                    Year ended December 31, 2007                                      Wells           Capital                                      Spud          Expenditures Basin                               (gross)         (millions)                                    ---------------------------- Uinta                                  42                $166.4 Piceance                               91                 180.3 Powder River                          178                  39.3 Wind River                              0                  10.5 Other                                   3                  47.2                                    ---------------------------- Total                                 314                $443.7                                    ============================ 

Capital expenditures for 2007 totaled $443.7 million and included: $383.4 million for drilling, exploration and development of natural gas and oil properties; $23.6 million for acquisition of proved and undeveloped properties; $31.8 million for geologic and geophysical costs and exploratory dry holes and abandonment; and $4.9 million for furniture, fixtures, equipment and other assets. The Company sold its Williston Basin and other properties for $84.4 million and received $12.1 million in proceeds from partners to participate in joint exploration programs on projects assembled by the Company.

Operating and Drilling Update

Uinta Basin, Utah

West Tavaputs -- Current production is approximately 80 million cubic feet per day (MMcfed) net and the Company continues to operate two rigs in the area, one drilling in the shallow zones and one drilling in the deeper zones, under its winter program. On February 1, 2008, the Draft Environmental Impact Statement (EIS) for this property was released by the Bureau of Land Management for a 90-day public comment period, and the record of decision is expected during the second half of 2008. The Company is pleased that the public comment period has begun and expects that the ultimate timing will not affect its 2008 corporate projections.

In the shallow drilling program (Wasatch/Mesaverde), the Company drilled 11 wells on 40-acre density to test the viability of increased density development. These wells continue to have positive results. The Company expects to drill approximately 50 wells in 2008, most of which will be 40-acre density locations. In the deep program (Navajo/Entrada/Dakota), the 2-7D well was completed in the Navajo formation and averaged 3.2 MMcfd production over the first two weeks. In December 2007, the Company spud an "ultra deep" well (Pennsylvanian Weber and Mississippian Leadville) that is expected to drill to 17,600 feet.

The West Tavaputs program continues to offer low-risk growth in the shallow zones and deep eastern structure as well as upside opportunity through the deep potential of the West structure, untested Mancos shale gas interval, and ultra deep zones.

At year-end 2007, the Company had an approximate 98% working interest in production from 93 gross wells in its West Tavaputs "shallow" and "deep" programs.

Blacktail Ridge/Lake Canyon - During 2008, the Company plans to drill 11 wells at Blacktail Ridge and five wells at Lake Canyon. The recently completed Blacktail Ridge 7-7 and 12-36 wells continue to produce between 150 and 200 barrels of oil per day.

Piceance Basin, Colorado

Gibson Gulch -- Current production is approximately 83 MMcfed (net). The Piceance program continues to be a key, low-risk, high growth development area for the Company.

During 2007, the Company installed a water management system that reduced operating expenses in the area by approximately one-half from their peak in the second quarter.

In February 2008, the Company added one rig to the area for a total of four operating rigs and plans to drill approximately 110 development wells in 2008. To date, 23 wells on 10-acre densities have been completed with positive initial results, and the Company expects that the majority of 2008 wells will be on 10-acre densities.

At year-end, the Company had an approximate 92% working interest in production from 312 gross wells in its Gibson Gulch program.

Powder River Basin, Wyoming

Coal Bed Methane (CBM) -- Current CBM production is slightly constrained at approximately 17 MMcfed (net); however, capacity constraints due to third party gathering line availability should be alleviated in March 2008. The Company currently has six rigs operating in the area and expects to drill approximately 275 CBM wells in 2008 predominantly in the Pine Tree, Pumpkin Creek, Willow Creek and Deadhorse areas. Development of this area requires dewatering of wells, which takes on average six to 12 months. 2008 will see continued dewatering of wells with a gradual increase in production from wells drilled during 2007. At year-end, the Company had an approximate 69% working interest in production from 568 gross CBM wells.

Wind River Basin, Wyoming

Cave Gulch/Bullfrog -- The Company recently recompleted the Bullfrog 14-18 well in the fourth and third Frontier sands with positive results. The initial flow rate over three days was approximately 13.5 MMcfd natural gas at 8,000 pounds flow tubing pressure. While shut-in prior to the recompletion, facilities are in place and the well is on production. The Company has a 63% net revenue interest in the well.

Montana Overthrust, Montana

Circus -- As reported earlier, the Company is testing the Cody shale in the Cretaceous zones of the Draco and Leviathan wells (50% working interest). Gas production was established in both wells with modest stimulations, and both wells are currently shut-in to collect pressure data. The Cody formation represents a potential regional resource play.

Paradox Basin, Colorado

Yellow Jacket -- As reported earlier, the Company completed its third vertical test well in this shale gas prospect. Well-core results to date have had encouraging gas contents in the Gothic shale and encouraging rates of gas through test facilities, and the Company is currently using 3-dimensional seismic data to plan one to two horizontal wells for 2008. The Company expects to drill its first horizontal test well in the second quarter of 2008 and plans one-to-two additional vertical test wells to evaluate its extensive acreage holdings.

ADDITIONAL FINANCIAL INFORMATION

Guidance

As announced on January 17, 2008, guidance for the full year 2008 consists of:

 --  Oil and natural gas production of 70 to 77 Bcfe --  Lease operating costs per Mcfe of $0.64 to $0.70 --  Gathering and transportation costs per Mcfe of $0.54 to $0.59 --  General and administrative expenses before noncash stock-based     compensation  between $36 and $38 million      

Credit Facility

At year-end 2007, borrowings outstanding on the Company's revolving credit facility were $274.0 million. The Company expects its current borrowing base of $385 million will be increased significantly based on its increased year-end proved reserves.

FOURTH QUARTER AND YEAR-END 2007 WEBCAST AND CONFERENCE CALL

As previously announced, a webcast and conference call will be held later this morning to discuss fourth quarter and year-end results. Please join Bill Barrett Corporation executive management at noon eastern time/10:00 a.m. mountain time for the live webcast, accessed at www.billbarrettcorp.com, or join by telephone by calling 800-344-0624 with passcode 30383795. The webcast will remain available on the Company's website for approximately 30 days, and a replay of the call will be available through February 29, 2008 at call-in number 800-642-1687 with passcode 30383795.

DISCLOSURE STATEMENTS

Reserve and resource disclosure:

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as probable and possible resources, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K, for the year-ended December 31, 2007, to be filed on or about February 26, 2008, and other filings with the SEC, available from Bill Barrett Corporation at 1099 18th Street, Suite 2300, Denver, CO 80202. You can also obtain these forms from the SEC by calling 1-800-SEC-0330 or at www.sec.gov

Forward-looking statements:

This press release contains forward-looking statements, including statements regarding projected results and future events. In particular, the Company is providing "2008 Guidance," which contain projections for certain 2008 operational and financial results. These forward-looking statements are based on management's judgment as of this date and include certain risks and uncertainties. Please refer to the Company's Annual Report on Form 10-K for the year-ended December 31, 2007, to be filed with the Securities and Exchange Commission on or about February 26, 2008, and other filings with the SEC, for a list of certain risk factors. Actual results may differ materially from Company projections and can be affected by a variety of factors outside the control of the Company including, among other things, exploration drilling and test results, transportation, processing, availability of third party gathering, market conditions, oil and gas price volatility, risks related to hedging activities, the availability and cost of services and materials, the ability to obtain industry partners to jointly explore certain prospects, the ability to receive drilling and other permits and regulatory approvals, surface access and costs, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditures, competition, risks associated with operating in one major geographic area, the success of Bill Barrett Corporation's risk management activities, governmental regulations and other factors discussed in the Company's reports filed with the SEC. Bill Barrett Corporation encourages readers to consider the risks and uncertainties associated with projections. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.

ABOUT BILL BARRETT CORPORATION

Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado, explores for and develops natural gas and oil in the Rocky Mountain region of the United States. Additional information about the Company may be found on its Website www.billbarrettcorp.com.

                          BILL BARRETT CORPORATION                       Selected Operating Highlights                                 (Unaudited)                                          Quarter Ended       Year Ended                                           December 31,      December 31,                                         ----------------- -----------------                                           2007     2006     2007     2006                                         ======== ======== ======== ======== Production Data:     Natural gas (MMcf)                    16,497   12,973   57,678   47,928     Oil (MBbls)                              123      198      586      696     Combined volumes (Mmcfe)              17,235   14,161   61,194   52,104     Daily combined volumes (MMcfed)          187      154      168      143                                         ======== ======== ======== ======== Average Prices (includes effects of  hedges)     Natural gas (per Mcf)               $   5.97 $   6.02 $   5.89 $   6.40     Oil (per Bbl)                          66.57    50.00    59.87    53.50     Combined (per Mcfe)                     6.19     6.21     6.13     6.60                                         ======== ======== ======== ======== Average Costs (per Mcfe):     Lease operating expense             $   0.51 $   0.58 $   0.68 $   0.57     Gathering and transportation      expense                                0.46     0.29     0.38     0.30     Production tax expense                  0.45     0.33     0.37     0.50     Depreciation, depletion and      amortization                           2.73     2.91     2.87     2.69     General and administrative expense,      excluding stock-based      compensation                           0.56     0.50     0.52     0.53                          BILL BARRETT CORPORATION                   Consolidated Statements of Operations                                 (Unaudited)                                    Quarter Ended          Year Ended                                     December 31,          December 31,                                 --------------------  --------------------                                   2007       2006       2007       2006                                 =========  =========  =========  =========                                  (in thousands, except per share amounts)                                 =========  =========  =========  ========= Operating and Other Revenues:     Oil and gas production      $ 106,762  $  87,948  $ 374,956  $ 344,127     Other                           2,220      2,584     15,314     31,202                                 ---------  ---------  ---------  ---------      Total operating and other       revenues                    108,982     90,532    390,270    375,329                                 =========  =========  =========  ========= Operating Expenses:     Lease operating expense         8,711      8,246     41,643     29,768     Gathering and      transportation expense         7,898      4,193     23,163     15,721     Production tax expense          7,828      4,634     22,744     25,886     Exploration expense             1,993      2,132      8,755      9,390     Impairment, dry hole costs      and abandonment expense       14,841        637     25,322     12,824     Depreciation, depletion and      amortization                  47,126     40,235    172,054    138,549     General and administrative      (1)                            9,599      7,057     32,074     27,752     Non-cash stock-based      compensation (1)               3,212      1,691     10,154      6,491                                 ---------  ---------  ---------  ---------       Total operating expenses    101,208     68,825    335,909    266,381                                 =========  =========  =========  ========= Operating income                    7,774     21,707     54,361    108,948                                 =========  =========  =========  ========= Other Income and Expense:     Interest and other income         667        639      2,391      2,527     Interest expense               (4,061)    (2,831)   (12,754)   (10,339)                                 ---------  ---------  ---------  ---------      Total other income and       expense                      (3,394)    (2,192)   (10,363)    (7,812)                                 =========  =========  =========  ========= Income before Income Taxes          4,380     19,515     43,998    101,136 Provision for Income Taxes          1,901      8,549     17,244     39,125                                 ---------  ---------  ---------  --------- Net Income                      $   2,479  $  10,966  $  26,754  $  62,011                                 =========  =========  =========  ========= Net Income Per Common Share     Basic                       $    0.06  $    0.25  $    0.61  $    1.42     Diluted                     $    0.06  $    0.25  $    0.60  $    1.40                                 =========  =========  =========  ========= Weighted Average Common Shares  Outstanding     Basic                          44,170     43,834     44,050     43,695     Diluted                        44,945     44,167     44,677     44,269                                 =========  =========  =========  ========= (1) Management believes the separate presentation of the non-cash component     of general and administrative expense is useful because the cash     portion provides a better understanding of its required cash for     general and administrative expenses. Management also believes that this     disclosure allows for a more accurate comparison to its peers who may     have higher or lower costs associated with equity grants.                          BILL BARRETT CORPORATION                   Consolidated Condensed Balance Sheets                                 (Unaudited)                                                     As of         As of                                                 December 31,  December 31,                                                 ------------- -------------                                                     2007          2006                                                 ============= =============                                                       (in thousands)   Assets:       Cash and cash equivalents                 $      60,285 $      41,322       Other current assets                             71,142        97,185       Property and equipment, net                   1,195,832     1,038,595       Other noncurrent assets                           2,428        10,299                                                 ------------- -------------         Total assets                            $   1,329,687 $   1,187,401                                                 ============= =============   Liabilities and Stockholders' Equity:       Current liabilities                       $     139,568 $     119,795       Long-term debt                                  274,000       188,000       Other long-term liabilities                     142,608       123,209       Stockholders' equity                            773,511       756,397                                                 ------------- -------------         Total liabilities and stockholders'          equity                                 $   1,329,687 $   1,187,401                                                 ============= =============                          BILL BARRETT CORPORATION                   Consolidated Statements of Cash Flows                                 (Unaudited)                             Quarter Ended December    Year Ended December                                       31,                     31,                             ----------------------  ----------------------                                2007        2006        2007        2006                             ----------  ----------  ----------  ----------                                             (in thousands) Operating Activities:   Net income                $    2,479  $   10,966  $   26,754  $   62,011   Adjustments to reconcile    to net cash provided    by operations:      Depreciation,       depletion and       amortization              47,126      40,235     172,054     138,549      Impairment, dry hole       costs and abandonment       costs                     14,841         637      25,322      12,824      Deferred income taxes       1,927       8,054      17,270      38,631      Stock compensation and       other non-cash       charges                    3,495       1,925      11,284       7,089      Amortization of       deferred financing       costs                        130         114         482         556      Loss on sale of       properties                (1,883)     (2,460)    (13,420)    (21,335)                             ----------  ----------  ----------  ----------      Change in assets and       liabilities:          Accounts           receivable           (24,987)    (20,290)      5,900        (320)          Prepayments and           other assets              68       2,216        (875)      4,335          Accounts payable,           accrued and other           liabilities           10,883       4,663      (4,065)      3,904          Amounts payable to           oil & gas           property owners        3,480       6,919       8,276      (5,764)          Production taxes           payable               (4,310)    (13,579)      2,471      (3,582)                             ----------  ----------  ----------  ----------      Net cash provided by       operating activities  $   53,249  $   39,400  $  251,453  $  236,898                             ==========  ==========  ==========  ========== Investing Activities:   Additions to oil and gas    properties, including    acquisitions               (126,137)    (62,020)   (414,925)   (438,476)   Additions of furniture,    equipment and other            (938)       (892)     (4,640)     (3,177)   Proceeds from sale of    properties                   13,650       9,464      96,450      78,339                             ----------  ----------  ----------  ----------      Net cash used in       investing activities  $ (113,425) $  (53,448) $ (323,115) $ (363,314)                             ==========  ==========  ==========  ========== Financing Activities:                             ----------  ----------  ----------  ----------   Proceeds from debt            67,000       8,000     164,000     151,000   Principal payments on    debt                              -      (5,000)    (78,000)    (55,495)   Proceeds from sale of    common stock                  1,866       2,169       5,098       4,929   Deferred financing costs    and other                      (391)        (92)       (473)       (978)                             ----------  ----------  ----------  ----------      Net cash provided by       financing activities  $   68,475  $    5,077  $   90,625  $   99,456                             ==========  ==========  ==========  ========== Increase (Decrease) in Cash  and Cash Equivalents            8,299      (8,971)     18,963     (26,960) Beginning Cash and Cash  Equivalents                    51,986      50,293      41,322      68,282                             ----------  ----------  ----------  ---------- Ending Cash and Cash  Equivalents                $   60,285  $   41,322  $   60,285  $   41,322                             ==========  ==========  ==========  ==========                          BILL BARRETT CORPORATION        Reconciliation of Discretionary Cash Flow(1) from Net Income                                 (Unaudited)                                     Quarter Ended        Year Ended                                     December 31,         December 31,                                 --------------------  --------------------                                   2007       2006       2007       2006                                 =========  =========  =========  =========                                   (in thousands, except per unit amounts) Net income                      $   2,479  $  10,966  $  26,754  $  62,011 Adjustments to reconcile to  discretionary cash flow (1):    Depreciation, depletion     and amortization               47,126     40,235    172,054    138,549    Impairment, dry hole costs     and abandonment expense        14,841        637     25,322     12,824    Exploration expense              1,993      2,132      8,755      9,390    Deferred income taxes            1,927      8,054     17,270     38,631    Stock compensation and other     non-cash charges                3,495      1,925     11,284      7,089    Amortization of deferred     financing costs                   130        114        482        556    Gain on disposal of     properties                     (1,883)    (2,460)   (13,420)   (30,534)                                 ---------  ---------  ---------  --------- Discretionary cash flow (1)     $  70,108  $  61,603  $ 248,501  $ 238,516                                 =========  =========  =========  =========    Per share, diluted           $    1.56  $    1.39  $    5.56  $    5.39    Per Mcfe                     $    4.07  $    4.35  $    4.06  $    4.58 (1) Discretionary cash flow is computed as net income plus depreciation,     depletion, and amortization, impairment expenses, deferred income     taxes, dry hole costs and abandonment expenses, exploration expenses,     non-cash stock-based compensation, losses (gains) on disposals of     properties, and certain other non-cash charges.  The non-GAAP measure     of discretionary cash flow is presented because management believes     that it provides useful additional information to investors for     analysis of the Company's ability to internally generate funds for     exploration, development and acquisitions. In addition, discretionary     cash flow is widely used by professional research analysts and others     in the valuation, comparison and investment recommendations of     companies in the oil and gas exploration and production industry, and     many investors use the published research of industry research     analysts in making investment decisions. Discretionary cash flow should     not be considered in isolation or as a substitute for net income,     income from operations, net cash provided by operating activities or     other income, profitability, cash flow or liquidity measures prepared     in accordance with accounting principles generally accepted in the     United States of America ("GAAP"). Because discretionary cash flow     excludes some, but not all, items that affect net income and net cash     provided by operating activities and may vary among companies, the     discretionary cash flow amounts presented may not be comparable to     similarly titled measures of other companies.                          BILL BARRETT CORPORATION                   Costs Incurred and Reserve Information                                 (Unaudited)                                                    2007     2006     2005                                                  =======  =======  =======                                                       ($ in millions) TOTAL CAPITAL EXPENDITURES                       $ 443.7  $ 501.2  $ 347.4       Furniture, fixtures and equipment and real        estate                                       (4.9)    (3.2)    (6.6)       Asset retirement obligation                    1.0      6.3     10.6                                                  -------  -------  ------- TOTAL COSTS INCURRED                               439.8    504.3    351.4                                                  =======  =======  ======= TOTAL COSTS INCURRED DISCLOSURE       Exploration costs                            250.7    224.2    218.6       Development costs                            162.5    114.6     95.2       Acquisition costs:          Unproved properties                        23.6    126.1     25.7          Proved properties                           2.0     33.1      1.3       Asset retirement obligation                    1.0      6.3     10.6                                                  -------  -------  ------- TOTAL COSTS INCURRED                               439.8    504.3    351.4            less: Asset retirement obligation        (1.0)    (6.3)   (10.6)            less: Proceeds received from JV             partners (1)                           (12.1)   (52.5)   (13.8)            less: Deferred tax component of CH4             acquisition                              1.6    (36.8)       -            less: Capitalized interest               (1.6)    (1.0)     n/a                                                  -------  -------  -------          Subtotal, adjusted costs incurred (2)   $ 426.7  $ 407.7  $ 327.0                                                  =======  =======  ======= RESERVE ADDITIONS (Bcfe)       Extensions, discoveries and other        additions                                   175.7    147.7    103.0       Revisions of previous estimates based on        performance (3)                              34.8     12.4    (24.7)       Revisions of previous estimates based on        price                                        19.4    (33.8)     7.6       Purchases of reserves in place                 2.7     19.5      3.3                                                  -------  -------  -------       RESERVE ADDITIONS                            232.6    145.8     89.2                                                  =======  =======  ======= SALES INFORMATION       Property sales ($mm) (1)                   $  84.4  $  35.1  $     -       Sales of reserves (Bcfe)                      42.2      6.2      1.1                                                  =======  =======  ======= (1)  The sum of proceeds from joint venture partners and property sales      equals "Proceeds from sales of properties" from the Consolidated      Statement of Cash Flows, with the exception of 2006, which includes      $9.2 million for non-cash proceeds from the Montana Overthrust sell-      down. (2)  Finding and developments cost is a non-GAAP metric commonly used in      the exploration and production industry. The calculation presented by      the Company on page 1 is the quotient of "Subtotal, adjusted costs      incurred" divided by "Reserve additions." The calculation may not be      comparable to similarly titled measures provided by other companies. (3)  At year-end 2007, the reserve revision based on performance was      primarily the result of adding increased density proved undeveloped      locations at West Tavaputs and continued improved performance of wells      drilled in the West Tavaputs and Piceance fields. 

 Company contact: Jennifer Martin Director of Investor Relations 303-312-8155  

SOURCE: Bill Barrett Corporation

Source: MARKET WIRE

More News in this Category