Bcfe

Bill Barrett Corp. of Denver set a production record in the first quarter, producing 13.1 Bcfe (146 MMcfe/d average). This is a 55% increase from the first quarter of 2005 and a 10% increase from last year’s fourth quarter. The vast majority of Barrett’s production is gas.

XTO Energy Inc. said it paid Total E&P USA, Inc. about $300 million for 120 Bcfe of reserves in the Sabine Uplift area of East Texas and the Maben Field of Mississippi.

Denver-based Bill Barrett Corp., which focuses its exploration on Rocky Mountain natural gas, reported 3Q production hit a record 10.1 Bcfe, a 24% jump from the same period of 2004, and an 18% sequential increase over 2Q2005. The independent also reported net income of $13.3 million, well ahead of its $3.9 million net loss in 3Q2004. Cash flow also rose 80% to $47.7 million.

El Paso Corp. last week paid $211 million for two Texas properties, including a private exploration and production company, that will add 124 Bcfe of proved reserves and 29 MMcfe/d of average net production. About 59% of the reserves are proved undeveloped.

El Paso Corp. said Monday it paid $211 million for two Texas properties, including a private exploration and production company, that will add 124 Bcfe of proved reserves and 29 MMcfe/d of average net production. About 59% of the reserves are proved undeveloped.

XTO Energy Inc. said it closed its previously announced purchase of 732 Bcfe of estimated reserves from ChevronTexaco Corp. for $912 million. The “legacy properties” expand XTO’s operations in its Eastern Region, the Permian Basin and Midcontinent area while opening new coalbed methane operations in the Rocky Mountains and a new operating region in South Texas. Beginning Aug. 16, the acquired properties will contribute production of about 88 MMcf/d of gas and 14,000 bbl/d of oil. About 87% of the reserves are proved developed with 47% of the reserves attributable to oil. XTO CEO Bob R. Simpson said the “watershed event sets the stage for years of continued profitable growth.” XTO President Steffen E. Palko said the company anticipates a smooth transition of operations and immediate work on field optimizations. “With the company’s current production growth goal of 28% to 30% this year and 18% to 20% in 2005, we can patiently integrate new drilling inventory into our long-term plans for double-digit organic growth.”

Range Resources said it has added about 80 Bcfe of West Texas gas (88%) and oil reserves near its Conger Field in Sterling County for $85 million. About 14 MMcf/d of gas currently is being produced and Range said it expects a shallow production decline and long life with a reserve-to-production ratio of more than 15 years.

Range Resources said it has added about 80 Bcfe of West Texas gas (88%) and oil reserves near its Conger Field in Sterling County for $85 million. About 14 MMcf/d of gas currently is being produced and Range said it expects a shallow production decline and long life with a reserve-to-production ratio of more than 15 years.

Patina Oil & Gas boosted its proved gas reserves 20% Monday with the purchase Denver-based Cordillera Energy Partners LLC, which includes 235 Bcfe of proved reserves, for $240.5 million of cash plus five-year warrants to purchase 500,000 shares of Patina common stock at a price of $45 a share. Patina shares currently are valued at $35.17. Cordillera’s principal shareholder is EnCap Investments LP.