Bill Barrett Corp. (NYSE: BBG) said Dec. 1 it has closed the sales of noncore properties located in the Uinta and Denver-Julesburg (D-J) basins.
The buyers weren't disclosed. Net cash proceeds totaled about $56 million, subject to customary post-closing purchase price adjustments.
The Uinta sale includes 17,632 net acres. The value of the transaction was about $27 million.
The properties produced about 470 barrels of oil equivalent per day (boe/d) during August and had estimated proved reserves of 11 MMboe (9% proved developed) as of year-end 2014.
The D-J sale includes certain assets located outside the core northeast Wattenberg area. The value of the transaction is about $31 million.
Proceeds will be used for general corporate purposes.
The sale of these properties did not result in a reduction of the company's borrowing base related to its revolving credit facility, the release said.
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