Bill Barrett Corp. of Denver, which had a first quarter net income of $26 million, said it will spend up to $350 million this year on new natural gas wells.

It will add a fourth rig this month to three it has drilling on its holdings in Colorado, Wyoming and Montana.

Barrett will participate in drilling between 145 to 155 new wells including between 50 and 55 coalbed methane gas wells.

Net production from 40 wells drilled on its holdings in the first three months of the year totaled 245.4 MMcfe a day.

In Colorado’s Piceance Basin, the company had a 94% working interest in 448 gross wells in its Gibson Gulch program. It is planning to drill between 75 to 80 wells and its current net production is 100 Mmcf a day.

Source: hotlineprinting.com

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