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Bill Barrett Corporation Announces Agreement to Divest Certain Uinta Basin Assets

DENVER, May 2, 2016 /PRNewswire/ -- Bill Barrett Corporation (the "Company") BBG, -9.63% announced today that it has entered into an agreement with an unaffiliated third party to sell certain non-core assets located in the Uinta Basin for cash proceeds of approximately $30 million. The transaction is expected to close on or before June 30, 2016, and is subject to customary closing conditions. The assets produced approximately 1,000 Boe/d (63% oil) during the first quarter of 2016 and had estimated proved reserves of 2 million barrels of oil equivalent (87% proved developed) as of December 31, 2015. Based on the Company's internal estimates, the expected 2016 operating cash flow from the divested properties will be less than $2 million based on current strip pricing.

Chief Executive Officer and President Scot Woodall commented, "The sale of another portion of our non-core Uinta Basin assets at attractive sale metrics further streamlines our operational portfolio and improves operating metrics. Given the current outlook for commodity prices and a focus on our core DJ Basin assets, we had no...