Bill Barrett Corp., an independent oil and natural gas exploration company set up by the founders of one of the most successful Rocky Mountain explorers, last week set a planned initial public offering (IPO) at 12 million shares for an estimated price of $20-23/share.

According to a regulatory filing with the Securities and Exchange Commission, at least eight investment banks, led by Goldman, Sachs & Co., JP Morgan and Lehman Brothers, have the option to buy an additional 1.8 million shares to cover over-allotments of the IPO.

Bill Barrett was formed in March 2002 by former managers of Barrett Resources, which was acquired by The Williams Cos. in 2001 (see NGI, May 14, 2001). The producer focuses its exploration and development activities in the Wind River, Uinta, Powder River, Williston, Denver-Julesburg and Paradox basins of the Rockies, and between its formation and the end of 2003, it said it sales grew 369%.

The producer holds more than 650,000 net undeveloped leasehold acres and has 17 active exploration projects, according to the company. From its inception through 2003, Bill Barrett drilled 187 gross wells. It has estimated net proved reserves of 204 Bcfe.

©Copyright 2004 Intelligence Press Inc. Allrights reserved. The preceding news report may not be republishedor redistributed, in whole or in part, in any form, without priorwritten consent of Intelligence Press, Inc.