Bill Barrett Corp., Denver, said the company has resumed exploratory drilling at its Yellow Jacket prospect in southwestern Colorado in the quarter ended Mar. 31.
The company drilled two horizontal wells to the Gothic shale at 6,000 ft in an area where it expects natural gas liquids and plans to complete the wells in the 2012 second quarter.
Barrett, which holds 352,000 net acres on the prospect in the Paradox basin, also signed a joint venture agreement with a large independent to earn-in up to 70% interest on 112,000 acres. The joint venture will acquire 3D seismic and plans to drill its first well by April 2013.