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BARRETT RESOURCES ANNOUNCES RED OAK FIELD DEVELOPMENT DRILLING PROGRAM PROGRESS

 DENVER, Jan. 15 /PRNewswire/ -- Barrett Resources Corp. (NASDAQ-NMS: BARC) is reporting the results to date from its Red Oak Field development drilling program.
 In August Barrett commenced drilling of the 15 well program farmed out to the company by Amoco and as of this date has drilled a total of 11 wells. Seven of the wells are currently producing with pipe set on four wells that are waiting on completion and/or pipeline hookup. The company has two rigs currently drilling on program wells.
 William J. Barrett, president and chief executive officer, stated that the production from the seven Red Oak wells is estimated currently to be 10 million cubic feet per day net to Barrett. Although this production is subject to normal production rate declines, particularly in the early stages of a well's production, the company believes these declines will be substantially offset by additional production from the other infill wells planned in the program.
 Prior to the Red Oak program, Barrett's net daily production averaged 9.6 million cubic feet of gas per day for fiscal 1992. The Red Oak production, together with the company's other production, represents an increase of 104 percent over the previous year. Barrett's share of production from each of these seven producing wells is subject to substantial reduction after payout of all costs on a per well basis.
 Through additional farmouts from Amoco and other companies the company has expanded its original 15 well program to include the drilling of eight additional wells for a total of 23 wells to be drilled in the Red Oak area. The additional eight wells are estimated to cost Barrett approximately $600,000, which brings Barrett's total estimated cost of the 23 well Red Oak program to $4,500,000.
 Barrett Resources is a Denver-based independent oil and gas exploration company that is also involved in gas gathering systems and gas trading activities. The company's stock is traded on the NASDAQ National Market System with the symbol BARC.
 -0- 1/15/93
 /CONTACT: Donald H. Stevens or Carolyn Norland of Barrett Resources, 303-297-3900/
 (BARC)


CO: Barrett Resources Corp. ST: Colorado IN: OIL SU:

BB -- DV001 -- 5243 01/15/93 09:30 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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