Patriot Exploration Enters into Area of Mutual Interest with Bill Barrett Corporation in a Big Horn Basin Gas Play.HOUSTON -- Patriot Exploration Co., Inc. has entered into a participation and area of mutual interest agreement with Bill Barrett Corporation Bill Barrett Corporation is an energy company based in Denver, Colorado. Its core business is natural gas and oil exploration and development in the Rocky Mountains region of the United States. in the central Big Horn Big Horn is a tall peak in the Cascade Range in Washington, USA. At 2438+ meters (8,000 feet) in elevation, it is the highest point in Lewis County, Washington.[1] Big Horn, one of the Goat Rocks, is the second highest point on the ridge west of Mt. Basin in Wyoming covering more than 160,000 net and 217,000 gross acres. The agreement calls for Patriot to own a 25 percent working interest in all leases and in drilling and development activity. Patriot has made an initial commitment of $14.5 million to the central Big Horn Basin project. The Big Horn Basin is one of the last remaining Rocky Mountain Laramide Basins without hydrocarbon production from a basin-centered gas accumulation. The U.S. Geologic Survey estimates that a mean in-place gas resources of more than 333 trillion cubic feet (tcf) of gas exists in low permeability basin-centered gas accumulations within the Big Horn Basin. "We are extremely pleased to be entering into this investment opportunity with a leading operator with an extremely successful track record in the Rocky Mountains Rocky Mountains, major mountain system of W North America and easternmost belt of the North American cordillera, extending more than 3,000 mi (4,800 km) from central N.Mex. to NW Alaska; Mt. Elbert (14,431 ft/4,399 m) in Colorado is the highest peak. ," said Jonathan Feldman, founding principal and chief executive officer of Patriot Exploration. "The Big Horn Basin represents tremendous opportunity for our two companies. Even if only a small percentage of the U.S.G.S. estimates for Big Horn are economically recoverable, it still represents trillions of cubic feet of natural gas." "We welcome Patriot's involvement in what we believe to be an exciting exploratory play in the Big Horn Basin," said Terry Barrett, Sr. Vice President of Exploration, Northern Division, for Bill Barrett Corporation. "Patriot understands our goals for exploration and what's behind the timetable we have set for establishing the Big Horn as another producing asset in Bill Barrett Corporation's portfolio." About Patriot Exploration With offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Houston, Patriot Exploration Co., Inc. works with small- to mid-size operators as a working interest partner or lender for a variety of upstream projects in the oil and gas industry. Its investments allow an operator to continue successes in development and work-over projects without the frustration of complicated financial arrangements or the worry of losing ownership of their company. Since forming five years ago, Patriot Exploration has invested more than $75 million in projects in the western and central United States The Central United States is sometimes conceived as between the Eastern United States and Western United States as part of a three-region model, roughly coincident with the Midwestern United States plus the western and central portions of the Southern United States; the term is and in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . By 2009, Patriot plans to invest an additional $150 million to $200 million in growth-oriented domestic projects. For more information about Patriot, call toll free 1-866-488-2500 or visit www.patriotexploration.com. About Bill Barrett Corporation Bill Barrett Corporation (NYSE NYSE See: New York Stock Exchange :BBFG), headquartered in Denver, explores for and develops natural gas and oil in nine basins and the overthrust belt in the Rocky Mountain region The Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. of the United States. Additional information about the Company may be found on its web site www.billbarrettcorp.com. |
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