Cottonwood

Denver-based Bill Barrett Corp. has completed a $60 million agreement to acquire a 90% working interest in 40,300 undeveloped acres in Cottonwood Gulch in western Colorado’s Piceance Basin. The leasehold is part of the former Naval Oil Shale Reserve No. 1. The acquired properties are adjacent to the prolific Rulison and Parachute gas fields. Based on regional data and analysis, Barrett expects the acquisition to add more than 2 Tcfe to its probable and possible resources. Barrett currently produces 100 MMcfe/d net from the Gibson Gulch field, which is in the Piceance Basin.