Bill Barrett Corp.’s longtime COO and President Joe Jaggers resigned on Thursday to become CEO and president of Ute Energy LLC, a privately held independent owned by the Ute Indian Tribe and affiliates of Quantum Energy Partners (QEP).

Jaggers is remaining on Barrett’s payroll through the end of the month to help in the transition.

The Northern Ute Indian Tribe launched Ute Energy about five years ago to develop energy resources on tribal lands in northeastern Utah (see NGI, Oct. 31, 2005). Principal investors include the Ute Indian Tribe, QEP and Quantum Resources Management LLC, a privately held producer based in Houston (see NGI, April 12).

Ute Energy’s “dedicated team has worked hard to position the company with a solid production and reserve base and the financial ability to take a more active role in operations,” said Jaggers. “I’m proud to have the opportunity to build on these strengths and lead Ute into the next phase of expansion.”

In conjunction with tapping Jaggers to lead the company, Ute Energy completed a private placement with existing equity owners to “aggressively pursue upstream and midstream development opportunities and acquisitions” in Utah’s Uintah Basin and in “other select basins” throughout the Rocky Mountains. Jaggers is expected to be instrumental in expanding Ute Energy’s presence in Denver.

“Mr. Jaggers has the full support of the Ute Business Committee,” said Ute Energy Chairman Curtis Cesspooch. “His experience and proven leadership will put the company in a position to realize the tribal vision of taking a more active role in the development of its mineral estate, which will provide long term benefits to Ute Energy and to the tribe.”

QEP CEO Wil VanLoh added that “Joe is just the catalyst that Ute Energy needed to accelerate and lead the company’s growth on its strategic asset base. Quantum has made a substantial commitment to Ute Energy and we are confident in Joe’s ability to execute upon the company’s strategy.”

Ute Energy now has operating partnerships with producers that include Barrett, Anadarko Petroleum Corp., Newfield Exploration Co. and Berry Petroleum Corp. Net production currently is around 2,500 boe/d on more than 400,000 acres of leased lands.

Ute Energy also has interests in three natural gas gathering and processing partnerships in the Uintah Basin with collectively more than 400 MMcf/d of gathering capacity and 500 MMcf/d of processing capacity.

Barrett tapped R. Scot Woodall, currently the executive vice president of operations, to assume the COO role. CEO Fred Barrett is taking over the role of president in addition to his other duties.

Woodall, with 26 years in the oil and gas industry, joined Barrett in 2007 as senior vice president of operations. He previously was an executive at Forest Oil Corp. from 2000 to 2007.

“We are fortunate to have Scot in place,” said Fred Barrett. “He is fully prepared to take on his new role as COO. Scot and I have worked closely together, and we look forward to a seamless transition and continuing our efforts in becoming the premier Rocky Mountain exploration and production company.”

Jaggers has been “a great help to our company, achieving tremendous growth during a difficult economic environment,” said the CEO. “His leadership and structuring of our operations team leave us well-positioned for the future. We all wish Joe well with his new venture and look forward to working with him as we continue our partnership with Ute Energy to responsibly develop Ute Tribe mineral resources.”

Jaggers said taking over Ute Energy “was an extremely difficult decision to make, but an opportunity to be the chief executive officer of a recently recapitalized company and to work with my sons, who are also in the oil and gas business, was too hard to pass up…

“I believe that I will be leaving the company in a very good position to continue to grow and prosper, and I look forward to following the company as a stockholder.”

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