The acquired properties are located within the prolific Wattenberg Field close to the Colorado-Wyoming border in the US.
The basin targets Niobrara oil wells that include a preliminary estimate of 7 million barrels of oil equivalent net proved reserves, approximately 650 barrels of oil per day net production and approximately 28,000 net acres of mineral leasehold.
Bill Barrett CEO Fred Barrett said the company is pleased to build its position in this prolific area and this acquisition will provide us more than 67,000 net acres.
"With this acquisition we have established a new, sizable DJ play that includes exploitation opportunity within the existing Wattenberg development area and a sizable exploration acreage position, where we intend to test the Niobrara through horizontal drilling this year" Barrett added.
The deal which is subject to customary provisions is expected to close in the third quarter of 2011.
