Vanguard unit to buy Bill Barrett's Wind River gas assets

A Vanguard Natural Resources LLC affiliate agreed to buy certain natural gas assets from Bill Barrett Corp., including all Wind River basin producing properties, for $335 million.

The transaction also includes Powder River basin coalbed methane assets and a working interest in a Gibson Gulch-Piceance basin development property. Closing is expected by Dec. 31.

Bill Barrett said it was selling noncore, lower growth assets.

The Gibson Gulch assets involve an initial 18% working interest that progresses to a 26% interest in 2016, and Bill Barrett Corp. will retain operatorship.

The three areas covered in the transaction total 254,000 net acres of leasehold, predominantly in the Wind River and Powder River basins.

Bill Barrett retained all of its leases in the emerging Powder River basin deep-stacked oil play.

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