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Bill Barret Restarts DJ Basin Drilling; Talk IRRs
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Bill Barrett Corporation will resume its extended reach lateral (XRL) development program in the Denver-Julesburg (DJ) Basin during the third quarter of 2016. The company had "suspended drilling in Q2, 2016 to preserve capital and as a result no new wells were drilled during that time.
It is expected that up to 12 gross XRL wells will spud prior to the end of year, and be placed on initial production in the first quarter of 2017.
The Company projects that its 2016 capital expenditures will now be at the high end of its previously disclosed guidance range of $75-$100 million to account for the additional drilling activity. This is down from previous guidance of $90 - $135 million.
Chief Executive Officer and President Scot Woodall commented: "The increased activity will not impact our 2016 production.. We remain positioned to be cash flow positive this year even at the upper end of our capital expenditure guidance range, allowing us to preserve the strength of our liquidity position."
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