DENVER, April 11, 2016 /PRNewswire/ -- Bill Barrett
Corporation (the "Company") (NYSE: BBG) announced today that it has
successfully completed the semi-annual borrowing base
redetermination of its revolving credit facility ("Facility")
maturing in April 2020. The bank
group has set a borrowing base of $335
million, an 11% reduction from the previous borrowing base
of $375 million. There were no
changes to the terms or conditions of the Facility. The Facility
has $335 million of commitments and
there are currently no borrowings outstanding.
Chief Executive Officer and President Scot Woodall commented, "We are pleased with the
results of our semi-annual borrowing base redetermination and the
continued support of our lender group during this challenging
environment. Maintaining a borrowing base near our previous
commitment level demonstrates the strong economics of our
properties and reserve additions. We remain financially
well-positioned with an undrawn credit facility, over $100 million of cash on hand, and nearly
two-thirds of our 2016 oil hedged at approximately $80 per barrel."
The next regularly scheduled borrowing base redetermination will
occur on or about October 1,
2016.
Forward-Looking Statements
All statements in this press release, other than statements of
historical fact, may be deemed to be forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Words such as
expects, forecast, guidance, anticipates, intends, plans, believes,
seeks, estimates and similar expressions or variations of such
words are intended to identify forward-looking statements herein;
however, these are not the exclusive means of identifying
forward-looking statements. Forward-looking statements in this
release relate to, among other things, future financial performance
and business
expectations.
These and other forward-looking statements in this press release
are based on management's judgment as of the date of this release
and are subject to numerous risks and uncertainties. Please refer
to the Company's Annual Report on Form 10-K for the year ended
December 31, 2015 filed with the SEC
and other filings, including our Current Reports on Form 8-K and
Quarterly Reports on Form 10-Q, all of which are incorporated by
reference herein, for further discussion of risk factors that may
affect the forward-looking statements. The Company encourages you
to consider the risks and uncertainties associated with projections
and other forward-looking statements and to not place undue
reliance on any such statements. In addition, the Company assumes
no obligation to publicly revise or update any forward-looking
statements based on future events or circumstances.
ABOUT BILL BARRETT CORPORATION
Bill Barrett Corporation (NYSE: BBG), headquartered in
Denver, Colorado, develops oil and
natural gas in the Rocky Mountain region of the United States. Additional information
about the Company may be found on its website
www.billbarrettcorp.com.
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SOURCE Bill Barrett Corporation