Bill Barrett (BBG) 8-K Bill Barrett Corporation Announces Upcoming Investor Schedule

A Premier Rocky Mountain Growth Story

1099

18

Street,

Suite

2300

Denver,

Colorado

80202

303.293.9100,

fax

303.291.0420

www.billbarrettcorp.com

NYSE:

BBG

March 2007

Exhibit 99.2

th

Except

for

the

historical

information

contained

herein,

the

matters

discussed

in

this

presentation

are

forward-looking

statements.

These

forward-looking

statements

reflect

our

current

views

with

respect

to

future

events,

based

on

what

we

believe

are

reasonable

assumptions. 

These statements, however, are subject to risks and uncertainties that could cause actual results to differ materially including, among other

things,

exploration

results,

market

conditions,

oil

and

gas

price

levels

and

volatility,

the

availability

and

cost

of

services,

drilling

rigs,

transportation

and

processing,

the

ability

to

divest

certain

properties,

the

ability

to

obtain

industry

partners

to

jointly

explore

certain

prospects,

uncertainties

inherent

in

oil

and

gas

production

operations

and

estimating

reserves,

unexpected

future

capital

expenditures,

competition,

the

success

of

our

risk

management

activities,

governmental

regulations

and

other

factors

discussed

in

our

filings

with

the

Securities

and

Exchange

Commission

(“SEC”).

We

refer

you

to

the

“Cautionary

Note

Regarding

Forward-Looking

Statements”

and

“Risk

Factors”

sections

of

these

filings.

In

addition,

historical

information

may

not

be

indicative

of

future

results.

The

SEC

permits

oil

and

gas

companies,

in

their

filings

with

the

SEC,

to

disclose

only

proved

reserves

that

a

company

has

demonstrated

by

actual

production

or

conclusive

formation

tests

to

be

economically

and

legally

producible

under

existing

economic

and

operation

conditions.

Bill

Barrett

Corporation

may

use

certain

terms

in

this

presentation

and

other

communications

relating

to

reserves

and

production

that

the

SEC’s

guidelines

strictly

prohibit

the

Company

from

including

in

filings

with

the

SEC.

It

is

recommended

that

U.S.

investors

closely

consider

the

Company’s

disclosures

in

Bill

Barrett

Corporation’s

Form

10-K

for

the

year

ended

December

31,

2006

filed

with

the

SEC.

This

document

is

available

through

the

SEC

by

calling

1-800-SEC-0330

(U.S.)

and

on

the

SEC

website

at

www.sec.gov.

Discretionary

cash

flow

is

computed

as

net

income

plus

depreciation,

depletion,

amortization

and

impairment

expenses,

deferred

income

taxes,

exploration

expenses,

non-cash

stock

based

compensation,

losses

(gains)

on

sale

of

properties,

and

certain

other

non-cash

charges.

The

non-

GAAP

measure

of

discretionary

cash

flow

is

presented

because

management

believes

that

it

provides

useful

additional

information

to

investors

for

analysis

of

the

Company's

ability

to

internally

generate

funds

for

exploration,

development

and

acquisitions.

In

addition,

discretionary

cash

flow

is

widely

used

by

professional

research

analysts

and

others

in

the

valuation,

comparison

and

investment

recommendations

of

companies

in

the

oil

and

gas

exploration

and

production

industry,

and

many

investors

use

the

published

research

of

industry

research

analysts

in

making

investment

decisions.

Discretionary

cash

flow

should

not

be

considered

in

isolation

or

as

a

substitute

for

net

income,

income

from

operations,

net

cash

provided

by

operating

activities

or

other

income,

profitability,

cash

flow

or

liquidity

measures

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("GAAP").

Because

discretionary

cash

flow

excludes

some,

but

not

all,

items

that

affect

net

income

and

net

cash

provided

by

operating

activities

and

may

vary

among

companies,

the

discretionary

cash

flow

amounts

presented

may

not

be

comparable

to

similarly

titled

measures

of

other

companies.

Forward-Looking and Other Cautionary Statements

3

Reasons to Invest in BBG

PROVEN

TRACK

RECORD

OF

GROWTH:

Double-digit

annual proved reserve and production growth

VISIBLE

DEVELOPMENT

GROWTH:

Extensive,

low

risk

development inventory managed with operational excellence

WORLD

CLASS

EXPLORATION

PORTFOLIO:

Multiple,

high-quality exploration plays with multi -Tcfe potential

Testing their high impact prospects in coming months

Track record of success thus far

FINANCIAL

STRENGTH:

Strong

balance

sheet

and

hedge

position that provides flexibility to grow

4

2002

2003

2004

2005

$24

-

$5

-

$4

-

$5

Net Income

(millions)

$62

2006

Proven Track Record of Growth

Production

18.3

31.7

52.1

39.4

Current production: between 150 –

155 MMcfe/d

(excluding Williston)

63

58

58

Dec

2002

Dec

2003

Dec

2004

292

130

204

Net Proved Reserves

(Bcfe)

341

Dec

2005

Dec

2006

428

Discretionary Cash Flow*

(millions)

2002

2004

2005

$7

$102

$195

2003

$38

$239

2006

*Non-GAAP measure

Reserve replacement ratio

2005

2004

2003

2006

2007 E

378%

224%

267%

5

0

25

50

75

100

125

150

2005

2006

2007E

2008E

2009E

Visible Double-digit Production Growth

224 Wells Drilled

(Gross)

Development

107

Delineation

7

Exploration

11

CBM

99

406 Wells Planned

(Gross)

Development

127

Delineation

40

Exploration

10

CBM

229

474 Wells Planned

(Gross)

Development

159

Delineation

72

Exploration

13

CBM

230

518 Wells Planned

(Gross)

Development

168

Delineation

97

Exploration

6

CBM

247

39.4

39.4

52.1

52.1

Development

(Piceance, W. Tavaputs, CBM)

With Delineation

Success

(Lake Canyon/Blacktail Ridge,

W. Tavaputs deep, WRB deep)

Development

(Piceance, W. Tavaputs, CBM)

With Delineation

Success

(Lake Canyon/Blacktail Ridge,

W. Tavaputs deep, WRB deep)

303 Wells Drilled

(Gross)

Development

122

Delineation

5

Exploration

14

CBM

182

Intended

Williston

divestiture

West

Tavaputs

EIS

expected

Q4 ’07 –

Q1 ‘08

58

58

For

illustrative

purposes

only,

does

not

represent

formal

guidance

(See

“Forward-Looking

and

Other

Cautionary

Statements”

on

slide

2)

95

77

95

77

130

99

130

99

63

6

Possible

Possible

Proved

Proved

Probable

Probable

2.0 Tcfe

3P Resources

2.0 Tcfe

3P Resources

WRB

63

WRB

63

Uinta

151

Uinta

151

PRB 26

PRB 26

Piceance

146

Piceance

146

Williston

42

Williston

42

428 Bcfe

Net Proved Reserves

Delineating

Projects

Delineating

Projects

1P

1P

Exploration

Exploration

2P

2P

3P

3P

8-10 Tcfe

Unrisked Potential

8-10 Tcfe

Unrisked Potential

Strong Portfolio to Generate Reserve Growth

as of December 31, 2006

7

Financial Flexibility to Grow

Capitalization

as of December 31, 2006 (in millions)

Hedge Position (as of March 20, 2007)

Protected 27% of estimated

2008 natural gas at $6.60

Rockies price,

20% is collared

at $6.50/$10.00 and 7% is

swapped at $6.79

Protected 65% of estimated

2007 natural gas at $6.02

Rockies price, 40% is collared

at $6.15/$9.75 and 25% is

swapped at $5.82

Cash

$  41

Debt

188

Stockholders’

Equity

756

•

Net debt-to-capitalization ratio of 16%

•

Revolving line of credit –

conforming borrowing

base of $310 million (based on MY 2006 reserves),

increasing to $360+ million

•

Currently have $188 million debt outstanding

Protected 65% of estimated

2007 natural gas at $6.02

Rockies price, 40% is collared

at $6.15/$9.75 and 25% is

swapped at $5.82

•

Receive upside for prices

above $5.82 on 75% of gas

8

Visible Development Growth

Powder River

Basin

Piceance

Basin

Wind River

Basin

Uinta

Basin

W. Tavaputs

Gas Prone Area

Oil Prone Area

Development Project

CBM

Gibson

Gulch

•

428 Bcfe proved reserves

(YE ’06)

•

Production and reserve growth

visibility: 1.7 Tcfe 3P resources

in development projects

•

2,800+ locations

•

Multi -

year drilling inventory

9

2005

2006

2007E

2008E

2009E

Capital Expenditures

2007 Capex

$425 –

$450 million

Exploration

10%

Exploration

10%

Development

72%

Development

72%

Delineation

18%

Delineation

18%

Piceance 40%

Piceance 40%

Uinta 39%

Uinta 39%

WRB 7%

Other 8%

PRB 6%

$347

$347

Acquisitions

Base Capex

$376

$376

$48

$425-

450

$425-

450

10

Program Potential

•

3P resources 204 Bcfe

@ YE ‘06

•

1,200+ gross drilling locations

Key Information

•

Low risk, high return

drilling, Big George coals

•

123,000 net acres (Dec. 2006)

•

18 MMcfe/d net production

(Dec 2006)

•

26 Bcfe proved reserves

@ YE ‘06 

•

99 wells drilled in 2006

•

229 wells planned for 2007

Amos

Draw

Amos

Draw

Deadhorse

Deadhorse

Willow

Creek

Willow

Creek

Palmtree

Palmtree

BIG

BIG

GEORGE

GEORGE

PLAY

PLAY

Gillette, WY

Tuit

Tuit

Pumpkin

Creek

Pumpkin

Creek

Hartzog

Draw

Hartzog

Draw

Pine Tree

Pine Tree

Cat

Creek

Cat

Creek

Porcupine

Porcupine

SCALE

1 Township

= 36 sq mi

BBC Acreage

Gas Producing Area

Dewatering

Powder River Basin –

CBM

Big George Coal -

Wyoming

11

Illustrative Drilling Costs

EUR (gross) 

NRI

EUR (net) 

Drilling

Completion

Total

Incremental drilling cost (per Mcfe)

Illustrative Economics

Gas Price (Rockies strip)¹

MMBtu/ sales adjustment

Realized Price (per Mcfe)

LOE, Gathering & Transportation

Production taxes

Gross margin (cash flow)

Incremental drilling cost (per Mcfe)

Net Margin

ROR

CIG Price Required 10% ROR

$

6.48 

(0.45)

$

6.03

(1.89)

(0.91)

$

3.23

(0.71)

$

2.52

50%

$

3.15

Bcfe

0.35

80%

0.28

$    80

120

$  200

$ 0.71

(ranges from 0.15 –

0.8)

$, thousands

For illustrative purposes only, does not represent

formal guidance (See “Forward-Looking and Other

Cautionary Statements”

on slide 2)

1

Three

year

Rockies

strip

as

of

March

16,

2007

-

$6.48

Powder River Basin –

CBM

Big George Coal -

Wyoming

12

2007

2006

2005

2008

2009

For

illustrative

purposes

only,

does

not

represent

formal

guidance

(See

“Forward-Looking

and

Other

Cautionary

Statements”

on

slide

2)

Production

Powder River Basin –

CBM

Big George Coal -

Wyoming

0

10

20

30

40

50

60

182 Wells

229 Wells

230 Wells

247 Wells

99 Wells

13

Silt

Processing 3-Component

3-D Seismic

Non-BBC gas well

BBC acreage

BBC gas well

Key Information

•

14,000+ net undeveloped acres, WI:80+%

•

146 Bcfe proved reserves @ YE ‘06

•

68 wells drilled in 2006

•

96 wells planned for 2007

•

Three-rig level-loaded program during 2007

•

48 MMcfe/d net production (Dec. 2006)

Program Potential

•

3P resources 700 Bcfe @ YE ‘06

•

457 drilling locations (20-acre well density)

•

Upside: 10-acre downspacing, pilots in 2007  

Piceance Basin -

Gibson Gulch

Williams Fork -

Colorado

14

1

Three

year

Rockies

strip

as

of

March

16,

2007

-

$6.48

$  6.48

0.83

$  7.31

(0.82)

(0.39)

$ 6.10

(1.96)

$ 4.14

43%

$

4.20

Illustrative Drilling Costs

EUR (gross) 

NRI

EUR (net)

Drilling

Completion

Total

Incremental drilling cost (per Mcfe)

Illustrative Economics

Gas Price (Rockies strip)¹

MMBtu/ sales adjustment

Realized Price (per Mcfe)

LOE, Gathering & Transportation

Production taxes

Gross margin (cash flow)

Incremental drilling cost (per Mcfe)

Net Margin

ROR

CIG Price Required 10% ROR

Bcfe

1.2

81%

0.97

$ 0.7

1.2

$1.9

$1.96

$, millions

For illustrative purposes only, does not represent

formal guidance (See “Forward-Looking and Other

Cautionary Statements”

on slide 2)

Piceance Basin -

Gibson Gulch

Williams Fork -

Colorado

15

2007

2006

2005

2008

2009

For

illustrative

purposes

only,

does

not

represent

formal

guidance

(See

“Forward-Looking

and

Other

Cautionary

Statements”

on

slide

2)

Production

Piceance Basin -

Gibson Gulch

Williams

Fork

-

Colorado

0

10

20

30

40

50

60

70

80

90

82 Wells

81 Wells

96 Wells

68 Wells

80 Wells

16

Compressor site

BBC Acreage

Gas Well

2007 Shallow Location

Existing Pipeline

Proposed Pipeline

Questar interconnect

Prickly

Pear

Structure

Peter’s

Point

Structure

•

95 MMcf/d

(gross) facility capacity

•

120 MMcfe/d processing capacity

(100 firm, 20 interruptible)

•

Negotiating additional 70 MMcfe/d

for Q1 ‘08

•

31,000+ net undeveloped acres, WI: 83+%

Program Potential

•

250-300 drilling locations on 40-acre within primary

“sweet-spot”

•

3P resources 796 Bcfe @ YE ’06 (shallow & deep)

•

146 Bcfe proved reserves @ YE ’06 (shallow & deep)

•

30 wells drilled in 2006; 29 wells planned for 2007

•

EIS in process, record of decision expected

Q4 ’07 -

Q1 ‘08

Key Information

Uinta Basin -

West Tavaputs

Shallow

-

Wasatch/Mesaverde

-

Utah

17

Illustrative Drilling Costs

EUR (gross)

NRI

EUR (net)

Drilling

Completion

Total

Incremental drilling cost (per Mcfe)

Illustrative Economics

Gas Price (Rockies strip)¹

MMBtu/ sales adjustment

Realized Price (per Mcfe)

LOE, Gathering & Transportation

Production taxes

Gross margin (cash flow)

Incremental drilling cost (per Mcfe)

Net Margin

ROR

CIG Gas Price Required 10% ROR

Bcfe

2.7

83%

2.2

$1.2

1.8

$3.0

$1.34

$ 6.48

0.10

$ 6.58

(0.40)

(0.37)

$ 5.81

(1.34)

$ 4.47

81%

$ 3.10

$, millions

For illustrative purposes only, does not represent

formal guidance (See “Forward-Looking and Other

Cautionary Statements”

on slide 2)

Peters Point 6-7D, W. Tavaputs

1

Three

year

Rockies

strip

as

of

March

16,

2007

-

$6.48

Uinta Basin -

West Tavaputs

Shallow

-

Wasatch/Mesaverde

-

Utah

18

2007

2006

2005

2008

2009

For

illustrative

purposes

only,

does

not

represent

formal

guidance

(See

“Forward-Looking

and

Other

Cautionary

Statements”

on

slide

2)

Production

Uinta Basin -

West Tavaputs

0

20

40

60

80

100

120

140

160

16 Wells

30 Wells

29 Wells

51 Wells

75 Wells

19

Questar

interconnect

Compressor

site

Deep show well

(1967)

Area of

Jurassic 3-D

Four-way

Closure

Getty deep show well (1980)

Tested: Dakota 315 Mcf

Entrada 1,800 Mcf

Area of Dakota

Potential

Prickly

Pear

Structure

Peter’s

Point

Structure

4-12 Deep

Delineation

IP 10.3 MMcfe/d

(gross)

Navajo

2-12

Completing

Scale: 640 ac = 1 Mile

(with 40 ac grid)

Peters Point 6-7 Deep Discovery

IP 11.4 MMcfe/d (gross)

(10/05)

100% WI, TD 15,349’-directional

Dakota, Entrada and Navajo

BBC acreage

Seismic option acreage

Gas well (Wasatch, North

Horn, Price River)

2006 deep location

2007 deep location

Potential 160-acre location

Existing pipeline

Proposed pipeline

Key Information

•

Dakota-Entrada-Navajo: 13,000-15,000’+ depth

•

2 deep wells drilled in 2006; 3 deep wells

planned for 2007

•

D&C cost: $10-11 million per well

•

EUR: 5-6+ Bcfe

Deep Program Potential

•

2 deep structures (east and west)

•

20-30 drilling locations (east structure)

Uinta Basin -

West Tavaputs 

Deep

-

Dakota/Entrada,

Navajo

-

Utah

20

1st Draft –

March 2007

Public Comment Initiated -

June 2007

Final EIS –

September 2007

Record of Decision –

Q4 07 to Q1 08*

* While the EIS is scheduled for completion in October 2007,

we have incorporated a three month delay in development plans

Uinta Basin -

West Tavaputs

Environmental Impact Statement Schedule

21

NOTE: line thickness does not depict pipeline capacity, it is only graphic representation to show approximate pipeline location

MONTANA

OKLAHOMA

ARIZONA

NEW MEXICO

KANSAS

SOUTH  DAKOTA

NEBRASKA

IDAHO

COLORADO

UTAH

WYOMING

Rocky Mountain Pipeline Export Capacity

Meeker/

Greasewood

Opal

Uinta

Basin

Uinta

Basin

Powder

River

Powder

River

DJ Basin

DJ Basin

Green

River

Basin

Green

River

Basin

Big Horn

Big Horn

Piceance

Piceance

Williston

Williston

Cheyenne

Wind

River

Wind

River

Rockies production

~7.2

Regional demand

~1.5 -

2.3

~5.7 -

4.9

Rockies export capacity

~6.2

REX capacity

1.8

Plus misc expansion due to compression

22

Denver, CO

Big Horn

Basin

Powder River

Basin

Green

River

Basin

Piceance

Basin

Paradox

Basin

Williston Basin

DJ Basin

Wind River

Basin

Uinta

Basin

Hook/

Woodside

W. Tavaputs

ultra deep

Big Horn

Circus

Waltman Arch

Cave Gulch deep

Bullfrog deep

Cooper deep

Pine Ridge

Yellowjacket

W. Tavaputs

deep

World Class Exploration Portfolio

2005/2006 discovery

Planned exploration drilling

within 12 months

Delineating project

Lake Canyon/

Blacktail Ridge

•

Over 8 Tcfe of unrisked

exploration upside

•

3 delineating projects with

2+ Tcfe potential

•

7 exploration projects that

have 5.6 Tcfe of upside

potential are drilling or to be

drilled within 12 months

•

1,000,000 net undeveloped

acres pro forma for expected

divestitures (December 2006)

Delineating

Projects

Delineating

Projects

1P

1P

2P

2P

3P

3P

8-10 Tcfe

Unrisked Potential

8-10 Tcfe

Unrisked Potential

Exploration

Exploration

23

Lake Canyon/Blacktail Ridge Project

Uinta Basin, Utah

Duchesne

Delineating Play

Monument Butte

Brundage Canyon

47 MMBOE CUM

Altamont/Bluebell

379 MMBOE CUM

SCALE

1 Township

= 36 sq mi

New Field Discovery

6 Green River wells, 1 Wasatch,

2 Wasatch, currently testing

All wells currently ~ 90 BOEPD,

99 MBOE CUM

50 sq mi

3C, 3-D

Blacktail Ridge

300 MBOE per well

“sweet-

spot”

Potential

Wasatch field

extension

BBC Acreage

BBC Acreage earned deep rights

(Wasatch and below) 75% WI

Recent

3

rd

party

completions

IPs 540-1257 BOEPD

2007 drilling:

14 Green River

10 Wasatch

2007 drilling:

8 Green River/Wasatch

Lake Canyon

Lake Canyon

Blacktail Ridge

Gross Acres

229,581

51,428

Net Acres

158,659

25,714

WI (Green R.& above)*

18.75-25%

50 -

100%

WI (Wasatch & below)*

56.25-75%

50 -

100%

Depths

4,000 -

8,000

5,000 -

11,000

2007 Activity

24 wells (14 Tgr

& 10 Tw)

8

* depends on Tribal participation

24

Hook and Woodside Prospects

500 –

700 Bcfe Unrisked Potential

Uinta/Paradox Basins, Utah

Greater

Drunkards

Wash

Price, UT

CUM

741 Bcfe

SCALE

1 Township

= 36 sq mi

West Tavaputs

CUM 33 Bcfe

Woodside Project

26,000+ Net

Undeveloped Acres

Hook Project Area

92,000+ Net Undeveloped

Acres

Woodside Dome

2-D defined

#1 Woodside

Spud Q2 2007

TD ~6,500’

1962 well –

gas shows

in 27 Pennsylvanian

zones

BBC Peters Pt 6-7

Deep Discovery

2007 drilling:

1-2 wells “deep”

Hook

Manning Canyon (Barnett equivalent )

TD 8,000’

–

11,000’

2007 drilling:

2 wells “shallow”

Hook

Fractured “Ferron”

Shale

TD 1,000’

–

4,000’

Barrett acreage

Gas fields

Manning Canyon

show well

UT

CO

Paradox

Basin

Uinta

Basin

25

Montana

Overthrust

Circus and Toston-Six Mile Areas

BBC Acreage

Dry with Oil Show

Dry with Gas

Show

Thrust Fault

Structural Axes

102 sq. mi. 3-D

(currently

interpreting)

Scale in Miles

0

6

Toston-Six Mile

Circus

•

50% working interest (operated) in

248,000 net undeveloped acres (Dec. 2006)

•

Potential pay zones: Cretaceous 2,200’-7,000’

Mississippian 8,000’-11,000’,

Devonian 9,000’-11,500’

•

Live oil and gas shows in multiple horizons

•

Targeting large, four-way closures

•

First to utilize 3-D seismic

•

2 exploratory tests and ~78 sq. mi. of 3-D in ‘07

•

Multi Tcfe potential

2007 3-D

seismic

planned

64 sq. mi. 3-

D

(interpreted)

Wolverine

Discovery

Covenant Field

Denver, CO

Powder

River

Basin

Green

River

Basin

Uinta

Basin

Piceance

Basin

Paradox

Basin

Williston Basin

DJ Basin

Wind River

Basin

San Juan

Basin

Big Horn

Basin

Hingeline

17,346 Net

Undeveloped

Acres

Circus

124,000 Net

Undeveloped

Acres

Wyoming

Overthrust

EUR: 10+ Tcfe

Canadian Overthrust

EUR: 20+ Tcfe

26

Yellow Jacket Shale Gas Prospect

Paradox Basin, Colorado

Key Information

•

Expansive project area

•

129,000 gross, 63,000 net

undeveloped acres (Dec. 2006)

•

55% working interest

•

Potential pay zone: Gothic Shale

•

5,500’-7,500 TDs’, estimated shale

thickness: 100-150’

Program Potential

•

Targeting

1-3

Bcfe

per

well

•

800 Bcfe unrisked potential

UT

CO

Paradox

Basin

Koskie

#1

Current Status

•

Koskie

and Rabbit Ck wells

drilled, cored and WOCT

•

Gas being desorbed from cores

•

2+ wells planned for 2007 

27

SCALE

1 Township

= 36 sq mi

Area of

Basin-Centered

Gas Play

Potential

42 sq. miles

3-D seismic

currently interpreting

Sellers Draw #1

(1976), TD 23,081

Muddy EUR: 3.4 Bcfe

Currently recompleting

Mesaverde

Red

Point

Project Highlights

•

Large untested region

•

50% working interest (operated) in

163,000+ net undeveloped acres

(Dec. 2006)

•

Potential pay zones: 

Lance 8,000’-14,500’,

Meeteetse 9,500’-16,000’,

Mesaverde 10,000’-17,500’

•

Muddy 16,000’

–

19,000’

•

Targeting 3 -

5 Bcfe EUR wells

Big Horn Basin –

Basin-Centered Gas Project

Wyoming

BBC Acreage

Gas Field

Oil Field

Outcrop

Structural Axes

28

Track Record of Execution

Positioned for visible, long-term Rockies reserve and production

growth

47%

compounded

annual

growth

in

production

(2002

–

2006)

52%

compounded

annual

growth

in

reserves

(2002

-

2006)

Grew 3P resources to 2 Tcfe @ YE 2006, primarily organically

Proven track record of exploration discoveries

West Tavaputs deep, Lake Canyon, Waltman Arch

Testing at least four high-potential exploration prospects

in the next six months

Financial flexibility to pursue growth strategy