COMING UP: CBS4 Investigates The Wrong Ron, Tonight on CBS4 at 10 (Watch Preview)

Bill Barrett Corp. Closes On Sale Of Gas Assets

DENVER (AP) — Bill Barrett Corp. has closed on its sale of natural gas assets in Wyoming and Colorado to an affiliate of Vanguard Natural Resources, LLC.

The Denver-based company on Wednesday reported net proceeds of $329 million from the sale, which included Wind River Basin natural gas-producing properties, Powder River Basin coal bed methane assets and a working interest in its Gibson Gulch-Piceance Basin development property.

Proceeds are being used to pay off the $250 million balance on the company’s revolving credit facility as of year-end 2012 and to 2013 development capital.

The company says its borrowing base on its revolving credit facility was reduced by $75 million to $825 million based on preliminary year-end 2012 reserves, which exclude the properties sold to Vanguard.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

More From CBS Denver

Latest Broncos Updates
The Late Show With Stephen Colbert

Listen Live

AM/FM Stations

Featured Shows & Multimedia