Bill Barrett (BBG) 8-K Regulation FD Disclosure

1099 18

th

Street, Suite 2300    Denver, Colorado 80202

303.312.8155, fax 303.291.0420     www.billbarrettcorp.com 

NYSE: BBG

Investor Relations contact: Jennifer Martin    jmartin@billbarrettcorp.com

A Premier Rocky Mountain E&P Company

A Premier Rocky Mountain E&P Company

May 2008

Circus, Montana Overthrust, Montana

Exhibit 99.1

FORWARD

LOOKING

STATEMENTS

-

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,

the

ability

to

obtain

necessary

permits,

delays

or

prohibitions

due

to

litigation

or

other

disputes,

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.

Certain

information

in

this

presentation

references

“current”

or

“currently”,

which

means

on

or

about

April

1,

2008.

Bill

Barrett

Corporation

assumes

no

obligation to revise or update the contents of this presentation.

RESERVE

&

RESOURCE

DISCLOSURE

-

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,

2007

filed

with

the

SEC.

This

document

is

available

through

the

SEC

by

calling

1-800-SEC-0330

(U.S.)

and

on

the

SEC

and

Bill

Barrett

Corporation

websites

at

www.sec.gov

and

www.billbarrettcorp.com,

respectively.

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.

FINDING

&

DEVELOPMENT

COST

–

is

a

non-GAAP

metric

commonly

used

in

the

exploration

and

production

industry.

Calculations

presented

by

the

Company

are

based

on

costs

incurred,

as

adjusted

by

the

Company,

divided

by

reserve

additions.

Reconciliation

of

adjustments

to

costs

incurred

is

provided

in

the

Company’s

earnings

release

and

Form

8-K

issued

February

26,

2008.

Forward –

Looking and Other Cautionary Statements

3

5/27/2008 5:01 PM

Reasons to Invest in BBG

Reasons to Invest in BBG

•

Track Record of Growth:

Double-digit proved reserve and production growth

•

Visible Development Growth:

Multi-year, low risk development inventory managed with operational excellence

•

World Class Exploration Portfolio:

•

Track record of discoveries with 4-5 delineation programs

•

Testing multiple, new, high potential prospects in 2008

•

Technology:

Leader in utilization of technology

•

Financial Strength:

Strong balance sheet and hedge position that provides flexibility to grow

•

$172.5 million Convertible Note and $467 million borrowing base on bank line

4

5/27/2008 5:01 PM

Management’s Track Record of Growth

Management’s Track Record of Growth

Net Production

18.3

31.7

52.1

39.4

61.2

2005

2004

2003

2006

2007

2008E

(Bcfe)

78

74

74

Dec

2002

Dec

2003

Dec

2004

29

2

119

204

Net Proved Reserves

341

Dec

2005

Dec

2006

428

Reserve replacement ratio

386%

226%

280%

558

Dec

2007

(Bcfe)

382%

(adjusted for property sales)

Discretionary Cash Flow

$5

$102

$195

$38

$239

1

Non-GAAP measure (see slide 2)

($mm)

$249

2002

2004

2005

2003

2006

2007

Net Income

($mm)

$24

-

$5

-

$4

$62

2004

2005

2003

2006

2007

$27

2006 includes $31 million (pre-tax) in gains on sale of properties

1

5

5/27/2008 5:01 PM

Visible Double-digit Production Growth

Development –

Piceance, West Tavaputs, CBM

Visible Double-digit Production Growth

Development –

Piceance, West Tavaputs, CBM

224 Wells Drilled

(Gross)

Development

107

Delineation

7

Exploration

11

CBM

99

314 Wells Drilled

(Gross)

Development

125

Delineation

10

Exploration

4

CBM

175

323 Wells Drilled

(Gross)

Development

122

Delineation

5

Exploration

14

CBM

182

0

20

40

60

80

2005

2006

2007

2008 E

39.4

39.4

52.1

52.1

61.2

61.2

74

74

78

~435 Wells Planned

(Gross)

Development

177

Delineation

17

Exploration

11

CBM

230

•

Seek 20%+ continued compound production growth

•

400-500 wells/year with existing inventory going forward

6

5/27/2008 5:01 PM

Strong Resource Base

to Generate Reserve Growth

Strong Resource Base

to Generate Reserve Growth

558 Bcfe

Proved

558 Bcfe

Proved

2.7 Tcfe*

3P Resources

2.7 Tcfe*

3P Resources

1.6 Tcfe

Down

Spacing

1.6 Tcfe

Down

Spacing

*

as of May 2008

0.5 Tcfe

Other Probable

& Possible

0.5 Tcfe

Other Probable

& Possible

7

5/27/2008 5:01 PM

Strong Resource Base

to Generate Reserve Growth

Strong Resource Base

to Generate Reserve Growth

558 Bcfe

Proved

558 Bcfe

Proved

2.7 Tcfe*

3P Resources

2.7 Tcfe*

3P Resources

1.6 Tcfe

Down

Spacing

1.6 Tcfe

Down

Spacing

*

as of May 2008

0.5 Tcfe

Other

Probable

& Possible

0.5 Tcfe

Other

Probable

& Possible

2.7 Tcfe*

3P Resources

2.7 Tcfe*

3P Resources

8-10 Tcfe

Unrisked

Potential

8-10 Tcfe

Unrisked

Potential

8

5/27/2008 5:01 PM

Capital Expenditures

Capital Expenditures

Exploration

10% +/-

Exploration

10% +/-

Development

80%

Development

80%

Delineation

10% +/-

Delineation

10% +/-

Piceance

40%

Piceance

40%

Uinta

33%

Uinta

33%

WRB 5%

Exploration

& Other 15%

PRB 7%

2005

2006

2007

2008E

$347

$347

$385

$385

$49

$444

$444

$575-

600

$575-

600

2008 CAPEX

$575 –

$600 million est.

F&D

($/Mcfe)

$3.67

$3.67

$2.80

$2.80

$1.83

$1.83

2005

2006

2007

CH4 acquisition (PRB), net of subsequent divestiture and non-cash deferred tax liability

Base Capex

Capex

(Millions)

2008 CAPEX

$575 –

$600 million est.

9

5/27/2008 5:01 PM

Visible Development Growth

Visible Development Growth

Powder River

Basin

Piceance

Basin

Wind River Basin

West Tavaputs

Gas Prone Area

Oil Prone Area

Development Project

CBM

Big George

Gibson Gulch

Lower Risk, Repeatable,

High Quality ROR Inventory

•

95%+ natural gas

•

97% operated –

increases

control

•

94% average working interest –

concentrates staff resources

•

Visibility for 20+% CAGR in

production going forward

•

400-500 wells/year with existing

inventory going forward

Uinta Basin

558

Bcfe

Proved

558

Bcfe

Proved

2.7 Tcfe*

3P Resources

2.7 Tcfe*

3P Resources

1.9 Tcfe

Development

Projects

1.9 Tcfe

Development

Projects

* as of May 2008

0.2

Tcfe

0.2

Tcfe

10

5/27/2008 5:01 PM

Prickly

Pear

Structure

Dry Canyon

Compressor site

Peters

Point

Structure

•

Proved reserves: 238 Bcfe (shallow and deep) (12/07)

•

Net production 76 MMcfe/d (shallow and deep) (04/08)

•

40,600 net acres; 28,600 net undeveloped acres (12/07)

•

94% working interest

•

1 Rig winter; 3 Rigs post winter stips

(shallow)

•

EIS in process, record of decision expected 2H ‘08

•

3P resources 1.4 Tcfe, low risk (shallow &

deep)

•

750 –

800 drilling locations

•

Deep: 6 producing wells

•

Upside: Expansion of deep & Mancos shale

Uinta Basin –

West Tavaputs

Shallow

–

Wasatch,

Mesaverde;

Deep

–

Navajo,

Entrada,

Dakota

–

Utah

Uinta Basin –

West Tavaputs

Shallow

–

Wasatch,

Mesaverde;

Deep

–

Navajo,

Entrada,

Dakota

–

Utah

UT

Uinta

Basin

Scale:

640 ac

= 1 Mile

Questar interconnect

CURRENT STATUS

PROGRAM POTENTIAL

Interplanetary

compressor site

Questar interconnect

BBC Acreage

Gas Well

Existing Pipeline

Proposed Pipeline

11

5/27/2008 5:01 PM

1

As of May 9, 2008, Rockies strip price through 2010 averages $8.15/MMBtu.

2

For illustrative purposes only, does not represent formal guidance

(See “Forward-Looking and Other Cautionary Statements”

on slide 2)

EUR (gross)

NRI

EUR (net)

Drilling

Completion

Total

Incremental D&C costs (per Mcfe)

Gas Price 

MMBtu/ sales adjustment

Realized Price (per Mcfe)

LOE,

Gathering

&

Transportation

Production taxes

Gross margin (cash flow)

ROR

CIG Gas Price Required 10% ROR

Bcfe

2.5

83%

2.1

$1.0

2.1

$3.1

$1.48

$ 6.75

1

0.38

$ 7.13

(0.85)

(0.39)

$ 5.89

49%

$ 3.85

$mm

Uinta Basin -

West Tavaputs

Shallow –

Wasatch, Mesaverde -

Utah

Uinta Basin -

West Tavaputs

Shallow –

Wasatch, Mesaverde -

Utah

ILLUSTRATIVE DRILLING &

COMPLETION COSTS

ILLUSTRATIVE

ECONOMICS

Typical Well Price Sensitivity

0%

20%

40%

60%

80%

100%

120%

$3.85

$5.85

$7.85

$9.85

CIG Price -

$/Mmbtu

$8.15

Peters Point 6-7D production site

2

2

12

5/27/2008 5:01 PM

0

25

50

75

100

125

150

175

200

Uinta Basin –

West Tavaputs

Uinta Basin –

West Tavaputs

PRODUCTION

Note:  Wells drilled include both shallow and deep

Estimated

record of

decision on

EIS 2H ‘08

Wells Drilled

16 Wells

30 Wells

36 Wells

55 Wells

~75 Wells

~75 Wells

2005

2006

2007

2008

2010

2009

13

5/27/2008 5:01 PM

Piceance Basin –

Gibson Gulch

Williams Fork –

Colorado

Piceance Basin –

Gibson Gulch

Williams Fork –

Colorado

Silt

3-Component

3-D Seismic

CO

Piceance

Basin

CURRENT STATUS

PROGRAM POTENTIAL

•

3P resources 869 Bcfe

•

900-960 drilling locations (10-acre density)

•

Developing on 10-acre density

•

Plan to drill 100+ wells/year

•

Proved reserves:  212 Bcfe (12/07)

•

Net production:  88 MMcfe/d   (04/08)

•

16,200 net acres; 12,400 net undeveloped

acres (12/07)

•

97% working interest

•

Four rigs operating

BBC acreage

BBC operated gas well

BBC

non-operated

gas

well

Non-operated gas well

10 acre pilots

14

5/27/2008 5:01 PM

Historical Drilling Days, Completed Well Costs and F&D Costs

Piceance Basin –

Gibson Gulch

Historical Drilling Days, Completed Well Costs and F&D Costs

Piceance Basin –

Gibson Gulch

726

1300

1250

2005

2006

2007

Estimated Ultimate Recovery, Gross

(MMcfe)

$1.36

$2.56

$1.58

2005

2006

2007

Incremental D&C Costs,  Gross

($ per Mcfe)

10.8

11.2

12.4

13.9

2005

2006

2007

2008

YTD

Days Drilling

(per well)

1440

$1.51

15

5/27/2008 5:01 PM

$  6.75

1

0.90

$  7.65

(0.97)

(0.43)

$

6.25  

EUR (gross) 

NRI

EUR (net)

Drilling

Completion

Total

Incremental D&C costs (per Mcfe)

Gas Price

MMBtu/ sales adjustment

Realized Price (per Mcfe)

LOE, Gathering & Transportation

Production taxes

Gross margin (cash flow)

ROR

CIG Price Required 10% ROR

Bcfe

1.3

81%

1.00+

$  0.8

1.05

$1.85   

$ 1.85

$mm

Piceance Basin -

Gibson Gulch

Williams Fork -

Colorado

Piceance Basin -

Gibson Gulch

Williams Fork -

Colorado

ILLUSTRATIVE DRILLING

AND COMPLETION COSTS

43%

$  4.20

ILLUSTRATIVE ECONOMICS

Typical Well Price Sensitivity

0%

20%

40%

60%

80%

100%

120%

$4.20

$6.20

$8.20

$10.20

CIG Price -

$/Mmbtu

1

As of May 9, 2008, Rockies strip price through 2010 averages $8.15/MMBtu.

2

For illustrative purposes only, does not represent formal guidance

(See “Forward-Looking and Other Cautionary Statements”

on slide 2)

$8.15

Production wells on Specialty site

2

16

5/27/2008 5:16 PM

0

25

50

75

100

125

150

175

PRODUCTION

80 Wells

68 Wells

100 Wells

125 Wells

~110 Wells

Wells Drilled

~110 Wells

2005

2006

2007

2008

2009

2010

Piceance Basin –

Gibson Gulch

Piceance Basin –

Gibson Gulch

Production

shut in due to

low Rockies

prices

Projected

curtailment

17

5/27/2008 5:01 PM

•

3P Resources 180 Bcfe

•

800-850 gross drilling locations

•

Further infrastructure improvements

in 2H ‘08

•

Proved reserves: 48 Bcfe (12/07)

•

Net production: 19 MMcfe/d,

constrained until June 2008

•

129,900 net acres, 86,600 net

undeveloped acres (12/07)

•

Low-risk, high return

drilling, Big George coals

Powder River Basin –

CBM

Big George Coal –

Wyoming

Powder River Basin –

CBM

Big George Coal –

Wyoming

CURRENT STATUS

PROGRAM POTENTIAL

Deadhorse

Willow

Creek

Palmtree

BIG

GEORGE

PLAY

Gillette, WY

Gillette, WY

Tuit

Tuit

Pumpkin

Creek

Hartzog

Draw

Pine Tree

Cat

Creek

Porcupine

Porcupine

SCALE

1 Township

= 36 sq mi

SCALE

1 Township

= 36 sq mi

BBC Acreage

Gas Producing Area

Dewatering

MT

WY

Powder River

Basin

18

5/27/2008 5:01 PM

EUR (gross) –

operated 

EUR (net), 83% NRI

Drilling

Completion

Total

Incremental D&C costs/Mcfe

Bcfe

0.30

0.25

$    90

130

$  220

$ 0.88

(ranges from 0.15 –

0.8)

$1000s

Powder River Basin –

CBM

Big George Coal -

Wyoming

Powder River Basin –

CBM

Big George Coal -

Wyoming

ILLUSTRATIVE DRILLING AND

COMPLETION COSTS

Gas Price 

MMBtu/ sales adjustment

Realized Price (per Mcfe)

LOE, Gathering & Transportation

Production taxes

Gross margin (cash flow)

ROR

CIG Price Required 10% ROR

$

6.75

1

(0.11)

$

6.64

(2.70)

(0.84)

$

3.10

33%

$

4.10

1

As of May 9, 2008, Rockies strip price through 2010 averages $8.15/MMBtu.

2

For illustrative purposes only, does not represent formal guidance

(See “Forward-Looking and Other Cautionary Statements”

on slide 2)

Typical Well Price Sensitivity

0%

10%

20%

30%

40%

50%

60%

70%

$4.10

$6.10

$8.10

$10.10

$12.10

CIG Price -

$/Mmbtu

$8.15

ILLUSTRATIVE ECONOMICS

Production equipment on Pine Tree site

2

19

5/27/2008 5:01 PM

-

10

20

30

40

50

60

70

PRODUCTION

Powder River Basin –

CBM

Powder River Basin –

CBM

2005

2006

2007

2008

2009

2010

182 Wells

99 Wells

195 Wells

230 Wells

~230 Wells

Wells Drilled

Production

constrained due

to 3

party

gathering system

~230 Wells

rd

20

5/27/2008 5:01 PM

Cooper

Reservoir

Field

Wind River Basin –

Cave Gulch / Bullfrog Fields

Frontier, Muddy, Lakota –

Wyoming

Wind River Basin –

Cave Gulch / Bullfrog Fields

Frontier, Muddy, Lakota –

Wyoming

Potential Future Deep Loc.

Historical Deep Producers

Deep Gas Show Well

Deep Structural Axes

•

Proved reserves: 54 Bcfe (12/07)

(Wind River total)

•

Net production: 23 MMcfe/d (04/08)

•

WI: 50-100%

•

25,000 net undeveloped acres (12/07)

•

Bullfrog 14-18; 27 MMcfe/d (63% NRI),

successful Frontier recompletion (05/08)

•

Up to 3 wells in 2008, partially promoted

•

Up to 30 deep locations

•

D&C cost: $13-16 million per well

•

IP: 5-20 MMcf/d per well

•

EUR: 6-8+ Bcfe gross per well

•

High impact, high volume deep wells

CURRENT STATUS

PROGRAM POTENTIAL

Waltman

Field

SCALE

640 ac =

1 Sq Mile

Drilling 31-32

Targeting Frontier,

Muddy, Lakota

Cave Gulch

Field

BBC Discoveries

Muddy and Lakota

IPs: 4 to 20 MMcf/d

Bullfrog 14-18

Frontier recompletion (2/08)

Current rate: 27 MMcf/d

gross

WYOMING

Wind River Basin

Cave Gulch Field looking northwest

21

5/27/2008 5:01 PM

Denver, CO

Big Horn

Basin

Powder River

Basin

Green

River

Basin

Piceance

Basin

Paradox

Basin

Williston Basin

DJ Basin

Wind River

Basin

Uinta

Basin

World Class Exploration Portfolio

World Class Exploration Portfolio

•

Multi-Tcfe potential

•

Multiple, new large scale,

gas manufacturing type

resource plays

•

Utilize leading edge production

and exploration technologies

•

Established track record: multiple

discoveries in the delineation

phase (red stars)

•

Several large scale resource plays

testing in 2008

(black circles) 

•

Inventory of approximately

1.2 million net undeveloped acres

Discovery / 2008 delineation

W. Tavaputs

deep

Lake Canyon/

Blacktail Ridge

Yellow Jacket 

Waltman Arch

Cave Gulch deep

Cooper deep

Wallace Creek CBM

Planned exploration drilling

within 12 months

Pine Ridge

Big Horn

MT Overthrust-

Circus

Hook

Green Jacket

22

5/27/2008 5:01 PM

5-21-36 BTR

Testing

Blacktail Ridge / Lake Canyon

Wasatch –

Utah

Blacktail Ridge / Lake Canyon

Wasatch –

Utah

•

Multi-pay fractured oil project with significant gas

component

•

Assessing step-out drilling, shallower pays, deeper pays

and infill drilling

•

Applying modern evaluation tools to a late 1970s aged

field

•

TDs 4,000’

to 11,000’

PROGRAM POTENTIAL

•

Net acres: control a minimum of 183,000

depending on 3rd party elections

•

8 wells completed with nearly 1,000 Bopd

•

2008 activity –

up to 11 wells in Blacktail,

5 wells in Lake Canyon. 1 rig currently 

•

50 sq miles of 3-D seismic

CURRENT STATUS

Monument Butte

Brundage Canyon

47 MMBOE CUM

UT

Uinta

Basin

7-7-

46 BTR

Current rate up to:

105 Bopd, 150 Mcfd

14-30-36 BTR

Testing

EXTENSION

STRATEGY

Lake Canyon

5-5-

46 BTR

Current rate up to:

400 Bopd, 1 MMcfd

SCALE

1 Township

= 36 sq mi

Blacktail  Ridge

Duchesne

7-20-

46 DLB

Up to 360 Bopd

7-21-

46 BTR

Up to 35 Bopd, still testing

7-28-

46 BTR

Up to 55 Bopd, 15 Mcfd

Altamont/Bluebell

379 MMBOE CUM

12-36-36 BTR

Current rate up to: 140 Bopd, 140 Mcfd

High gas area

INFILL

STRATEGY

Blacktail Ridge acreage position not

shown for competitive reasons

14-29-36 BTR

WOCT

5-23-36 BTR

Drilling

BBC acreage

BBC oil well

BBC upcoming drilling locations

Recent

3

party

completions

IPs 540 –

1257 BOEPD

Drainage ellipses on existing wells

Known field areas

rd

23

5/27/2008 5:01 PM

10 –

25 Miles

Yellow Jacket Shale Gas Prospect

Gothic Shale –

Colorado

Yellow Jacket Shale Gas Prospect

Gothic Shale –

Colorado

UT

CO

Paradox

Basin

•

Expansive project area

•

Shallow depths: 5,500’

–

7,500’

TDs

•

Estimated Gothic shale thickness: 80’

–

150’

•

Encouraging gas contents and shale composition

•

Additional shale gas potential in Green Jacket

(Hovenweep)

PROGRAM POTENTIAL

•

55 -

100% working interest (operated)

•

183,000 net undeveloped acres (12/07)

•

Potential pay zones: Hovenweep and Gothic Shale

•

3 exploratory science wells drilled in late 2006/2007:

regional

placement,

varying

frac

technologies

–

testing

•

Shooting 3-D to high-grade location for horizontal test

•

Horizontal test planned for 2Q 2008

CURRENT STATUS

Core sample

To quantify presence of gas

Well #1

250 -

600 Mcfd

Well #3

50 -

100 Mcfd

Well #2

To be plugged

(casing design/stimulation)

2008 Program

UT

CO

Gothic shale

1,850 sq mi

Hovenweep

shale

1,300 sq mi

Regional Play Concept Map

24

5/27/2008 5:01 PM

Montana

Overthrust –Circus & Toston-Six Mile Areas

Structural and Cody Shale Gas Play

Montana

Overthrust –Circus & Toston-Six Mile Areas

Structural and Cody Shale Gas Play

•

50% working interest (operated)

•

162,000 net  undeveloped acres (12/07)

•

Upper Cretaceous Cody Shale ~3,000’

–

7,000’

•

Cody Thickness: 900’

-

2,000’

•

Planning 4 Cody wells in 2008

•

Toston

3-D being interpreted

•

Wide-spread shale gas potential in Cody Shale

•

Continue to assess future deep structural potential

Scale in Miles

0

6

Toston-Six Mile

Circus

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

Circus

162,000 Net

Undeveloped

Acres

Wyoming

Overthrust

EUR: 10+ Tcfe

Canadian Overthrust

EUR: 20+ Tcfe

74 sq. mi. 3-D

150+ sq. mi. 3-D

CURRENT STATUS

PROGRAM POTENTIAL

Leviathan

TD 11,005’

•

Testing Cody Shale

Draco 10 –

15

TD 12,441’

•

Testing

•

Paleozoic zones are wet

•

Lower Cretaceous

appears wet

•

Established dry gas rate

upper Cretaceous Cody

Shale 250+ Mcf/d

BBC Acreage

Upcoming BBC Cody shale location

Dry with Oil Show

Dry with Gas Show

Thrust Fault

Structural Axes

25

5/27/2008 5:01 PM

Export Capacity and Proposed Pipeline Expansions

Export Capacity and Proposed Pipeline Expansions

Source

for

expansions:

Bentek

Energy,

May

2008

MONTANA

ARIZONA

NEW MEXICO

KANSAS

SOUTH 

DAKOTA

NEBRASKA

IDAHO

COLORADO

UTAH

WYOMING

Ruby

REX 1.5 Bcfd

+0.1 Bcfd

Dec. ‘08

+0.2 Bcfd

July ‘09

Cheyenne

Cheyenne

Meeker/

Greasewood

DJ

DJ

Uinta

Uinta

Green

River

Green

River

Big

Horn

Big

Horn

Piceance

Piceance

Williston

Williston

WRB

WRB

PRB

PRB

Paradox

Paradox

Wamsutter

Wamsutter

•

Total Current Export Capacity

including REX: 8.1 Bcfd

•

Total Proposed Additional

Capacity: 6.8 to 7.9 Bcfd

Current capacity

Proposed pipelines

or expansions to

existing pipelines

Existing pipelines

1st Quarter 2011

1200

New pipeline from Opal, WY to Malin, OR

El Paso

Ruby

Completion Timing

Capacity MMcf/d

Point to Point

Owner

Name

October 2011

1200

Wamsutter, WY to NGPL st. 109 to Chicago, IL

KMIT

Chicago Express

4th Quarter 2010

1200 -

2000

Wamsutter

to Northern Border

TransCanada

Pathfinder

4th Quarter 2010

400 -

600

Ft. Union & Big Horn gathering in Powder River to NBPL

NBPL

Bison

3rd Quarter 2011

1200

New pipeline from Wamsutter, WY to Ventura, IA

Questar

Alliance

Rockies Alliance Pipeline

4th Quarter 2008

+ 84  

Add’l

compression added to current system

Kern River

Kern River Expansion

June 2011

1200

Additional pipeline from Opal, WY to Stanfield, OR

GTN NWPL

Sunstone

Opal

Opal

26

5/27/2008 5:01 PM

Key Catalysts Going Forward

Key Catalysts Going Forward

•

Next several years is about execution, efficiency and exposure

•

Development growth visibility: low risk, multi-year

–

Proven increased density: W. Tavaputs, Piceance

–

West Tavaputs EIS: H2 2008

–

Potential to more than double size of company next several years

•

Exploration exposure to multi-TCF upside

–

Multiple discoveries: ongoing delineation programs

–

Four new exploration programs on tap 2008

–

One of largest net undeveloped Rockies positions

•

Rockies Express takeaway capacity

–

Future takeaway capacity planned

•

Excellent financial position to execute

Circus, Montana Overthrust, Montana

APPENDIX

*

*

*

*

*

*

29

5/27/2008 5:01 PM

Visible Development Growth

Visible Development Growth

~395-415

225-235

120-125

50 -

55

2008

Wells

Planned

Powder

River

Piceance

Uinta

Basin

Rapid growth post-dewatering

phase in deep Big George and

with increased takeaway

capacity

800-850

48

CBM

Planning basis is 10-acre

density; technology leader with

“super fracs”

900-960

212

Gibson Gulch

2,450+

485

Subtotal -

Development

Planning basis is on 40-acre

and 20-acre density

750-800

225

West Tavaputs shallow –

(Peters Point and Prickly Pear)

Comment

Drilling

Inventory

(gross

wells)

Proved

Reserves

(Bcfe)

Area

•

Large resource base –

multiple

gas manufacturing plays

•

Multi-year drilling inventory

•

Low-risk reserve and production

growth

•

Further upside and efficiencies

THREE KEY AREAS

30

5/27/2008 5:02 PM

World Class Exploration Portfolio

World Class Exploration Portfolio

Completed 3-D shoot, interpreting now

Target similar to Andy’s Mesa and Double Eagle fields;

well defined target, 3-D encouraging, 1 well in 2008

Sold 50% in Deep Hook shale gas play; expect to drill 2

wells in Manning Canyon, 1 well Shallow Hook shale gas

play

Testing Cretaceous Cody Shale in Draco and Leviathan

wells; Cody delineation in ‘08

Successfully recompleted Frontier in Bullfrog 14-18;

signed up partners; have resumed program 1Q08, 

current production net 23 MMcfe/d; exploration –

deep

only

Drill up to 2 horizontal and up to 2 vertical wells in 2008;

includes sister shale play at Green Jacket

Delineation project; increased potential in ultra deep,

Mancos, west structure

Delineation project, multi-pay oil w/ gas; in 2008 will drill

up to 11 wells in Blacktail, 5 wells in Lake Canyon;

includes 119,000 acres subject to drill-to-earn

agreements

Comment

Net

undeveloped

acreage

Wells planned

‘08

(gross wells)

Area

Basin

77,000

1

Red Point and other Big

Horn projects (basin-

centered play)

Big Horn

30,000

1

Pine Ridge and other

projects (structural salt

flank plays)

Paradox

70,000

2-3

Hook

(shale gas play)

Uinta

162,000

3-4

Circus / Toston

6-mile

(structural and shale gas

play)

Montana Overthrust

NEW PROSPECTS

25,000

2-3

Cave Gulch / Bullfrog / 

Cooper (structural)

Wind River

183,000

2-4

Yellow Jacket

(shale gas play)

Paradox

28,000

0

West Tavaputs deep

(structural play)

Uinta

183,000

12-16

Blacktail Ridge / Lake

Canyon

(fractured oil play)

Uinta

DELINEATION PLAYS –

PROVING

PREVIOUS DISCOVERIES

31

5/27/2008 5:02 PM

Natural Gas Hedges

Natural Gas Hedges

•

Hedge 50%-

70% of production on

a forward 12-month basis

•

Hedge natural gas through basis

•

Approximately 47% of gas

production 2Q08-4Q08 exposed to

prices $10/MMBtu and above

Daily Natural Gas Production Hedged with Associated Pricing

SWAPS:

Natural Gas - CIG/PEPL

MMBtu/day

$/MMBtu

Bopd

$/Bbl

2008

2Q

120,000

6.62

575

73.84

3Q

123,261

6.64

575

73.84

4Q

116,076

7.10

575

73.84

2009

1Q

159,000

7.97

375

74.41

2Q

149,000

6.87

375

74.41

3Q

149,000

6.87

375

74.41

4Q

95,957

7.32

375

74.41

2010

1Q

89,000

7.69

0

2Q

99,000

7.06

0

3Q

99,000

7.06

0

4Q

46,620

7.13

0

COLLARS:

Natural Gas - CIG/TCO

Oil  - WTI

CAL 2008

35,000

6.50/10.00

CAL 2008

525

70.48/81.62

NOV '08-MAR '09

10,000

8.50/12.50

JUN '08-DEC '08

100

90.00/160.00

APR '10-OCT '10

10,000

7.00/11.00

CAL 2009

450

83.89/129.84

CAL 2010

200

85.00/139.00

Oil  - WTI

$-

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

$11.00

$12.00

$13.00

$14.00

$15.00

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Oct-11

0

20

40

60

80

100

120

140

160

180

Swapped Volume

(MMBtu/d)

Collared Volume

(MMBtu/d)

Collar Floor

($/MMBtu)

Collar Ceiling

($/MMBtu)

Swapped Price

($/MMBtu)

32

5/27/2008 5:02 PM

Price, UT

SCALE

1 Township

= 36 sq mi

Greater

Drunkards

Wash

CUM

741 Bcfe

Hook Prospect

Hook Prospect

Uinta Basin, Utah

Gas fields

Manning Canyon

show well

BBC Development Program

West Tavaputs

CUM 33 Bcfe

UT

Uinta

Basin

Shallow Hook

41,000 net undeveloped acres

Fractured “Ferron”

shale prospect

TD 1,000’

–

4,000’

Deep Hook 2008 drilling:

50% WI in 58,000 net undeveloped acres

1-2 wells Manning Canyon 

TD 8,000’

–

11,000’

Shell currently drilling offset to BBC lands

CURRENT STATUS

PROGRAM POTENTIAL

•

Net undeveloped acres: 70,000 

•

Two project types:

•

Deep shale gas –

Deep Hook (WI 50%)

•

Shallow shale gas –

Shallow Hook (WI 100%)

•

Multiple show wells present

•

TD’s

range from 1,000’

to 11,000’

•

Sold 50% WI in “Deep Hook”

to ConocoPhillips

•

Drill 2 Manning Canyon wells in 2008

•

Shell currently testing offset well to BBC acreage

•

Shallow Hook –

seeking industry partner

HOOK PROJECT AREA

33

5/27/2008 5:02 PM

•

Net undeveloped acres: 30,000 (12/07) Well

defined acreage targets

•

Pine Ridge 21 sq. mi. 3-D acquired;

encouraged by 3-D interpretation

•

Pine Ridge exploratory test in 2008

•

Established partner

Typical well

(~30 days to drill to 10,000’)

Salt Flank Prospect

Paradox Basin, Utah

Salt Flank Prospect

Paradox Basin, Utah

½

mile Fairway

•

Key show wells present

•

5 prospects assembled, building others

•

Multi-pay zones

•

8,000’

–

10,000’

TDs

•

Similar to Andy’s Mesa (~100+ Bcf)

and Double Eagle (~60+ Bcf) fields

PROGRAM POTENTIAL

CURRENT STATUS

UT

CO

Paradox

Basin

34

5/27/2008 5:02 PM

Denver, CO

Powder

River

Basin

Green

River

Basin

Uinta

Basin

Piceance

Basin

Paradox

Basin

DJ Basin

Wind River

Basin

San Juan

Basin

Basin Centered Gas

Gas Prone Area

Oil Prone Area

Big Horn

Basin

Rocky Mountain Basin Centered Gas

SCALE

1 Township

= 36 sq mi

Area of

Basin-Centered

Gas Play

Potential

•

Large untested region

•

50% working interest (operated)

•

77,000 net undeveloped acres

(12/07)

•

1 well in 2008

•

Potential pay zones: 

Ft. Union 6,000’

–

11,000’

Lance 8,000’

–

14,500’,

Meeteetse 9,500’

–

16,000’,

Mesaverde 10,000’

–

17,500’

Muddy 16,000’

–

20,000’

Big Horn Basin –

Basin-Centered Gas Prospect

Wyoming

Big Horn Basin –

Basin-Centered Gas Prospect

Wyoming

BBC Acreage

Gas Field

Oil Field

Outcrop

Structural Axes

Sellers Draw #1

(1976), TD 23,081

Muddy EUR: 3.4 Bcfe

Recompleted Mesaverde;

waiting on facilities

Red Point 2007

3-D seismic

44 sq. miles

Currently interpreting

CURRENT STATUS

35

5/27/2008 5:02 PM

Typical Well Production Profiles

Typical Well Production Profiles

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

10

20

30

40

50

60

Months

Typical Well –

Production Profile

West Tavaputs, Uinta Basin, Utah

0.0

0.5

1.0

1.5

2.0

2.5

0

10

20

30

40

50

60

Months

Typical Well –

Production Profile

Piceance Basin, Colorado

Powder River Basin, CBM, Wyoming

0.000

0.040

0.080

0.120

0.160

0.200

0

10

20

30

40

50

60

Months

Typical Well –

Production Profile

•

IP-Instantaneous: 2300 Mcf/d

•

IP-30 day: 1800 Mcf/d

•

Well Life: 44 years

•

Spacing: 10-acre & 20-acre

•

Well Depth avg:7,400’

•

IP-Instantaneous: 2840 Mcf/d

•

IP-30 day: 2460 Mcf/d

•

Well Life: 34 years

•

Spacing: 40-acre & 80-acre

•

Well Depth avg:7,650’

shallow & 14,750’

deep

•

IP-Instantaneous, Peak: 180 Mcf/d

•

IP-30 day Peak: 162 Mcf/d

•

Well Life: 11 years

•

Spacing: 80 acres

•

Well Depth avg: 750’

*

*

*

*

*

*

*

*

***************************

1099 18

th

Street, Suite 2300    Denver, Colorado 80202

303.312.8155, fax 303.291.0420   

www.billbarrettcorp.com

NYSE: BBG

Investor Relations contact: Jennifer Martin   

jmartin@billbarrettcorp.com

Thank you for your interest in