Bill Barrett (BBG) 8-K Bill Barrett Corporation Reports Gothic Shale Gas Discovery

Third Quarter 2008

Operational Update

Fred Barrett

Chairman and CEO

Fred Barrett

Chairman and CEO

Joe Jaggers

President and COO

Joe Jaggers

President and COO

Bob Howard

CFO and Treasurer

Bob Howard

CFO and Treasurer

Neely 13H flare, Paradox Basin, Colorado

Neely 13H flare, Paradox Basin, Colorado

1099

18th

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

November 5, 2008

Exhibit 99.2

2

Forward –

Looking and Other Cautionary Statements

Forward –

Looking and Other Cautionary Statements

This

presentation,

and

the

conference

call

to

which

it

relates,

contains

forward-looking

statements,

including

statements

regarding

projected

results

and

future

events.

In

particular

the

Company

is:

confirming

and

updating

2008

full

year

guidance,

which

contains

projections

for

certain

2008

operational

and

financial

results;

providing

forward-looking

statements

regarding

the

Company’s

2009

capital

expenditure

program

and

operations

plan;

and

announcing

preliminary

results

from

the

Paradox

shale

gas

prospect,

including

the

potential

to

produce

natural

gas

and

condensate

from

the

area

in

2009.

These

forward-looking

statements

are

based

on

management’s

judgment

as

of

this

date

and

include

certain

risks

and

uncertainties.

Please

refer

to

the

Company’s

Annual

Report

on

Form

10-K

for

the

year-ended

December

31,

2007,

filed

with

the

Securities

and

Exchange

Commission

on

February

27,

2008,

and

other

filings

with

the

SEC,

for

a

description

of

certain

risk

factors.

Actual

results

may

differ

materially

from

Company

projections

and

can

be

affected

by

a

variety

of

factors

outside

the

control

of

the

Company

including,

among

other

things,

exploration

drilling

and

test

results,

transportation,

processing,

availability

and

costs

of

financing

to

fund

the

Company’s

operations,

the

ability

to

receive

drilling

and

other

permits

and

regulatory

approvals,

availability

of

third

party

gathering,

market

conditions,

oil

and

gas

price

volatility,

risks

related

to

hedging

activities

including

counterparty

viability,

the

availability

and

cost

of

services

and

materials,

the

ability

to

obtain

industry

partners

to

jointly

explore

certain

prospects

and

the

willingness

and

ability

of

those

partners

to

meet

capital

obligations

when

requested,

surface

access

and

costs,

uncertainties

inherent

in

oil

and

gas

production

operations

and

estimating

reserves,

unexpected

future

capital

expenditures,

competition,

risks

associated

with

operating

in

one

major

geographic

area,

the

success

of

the

Company’s

risk

management

activities,

governmental

regulations

and

other

factors

discussed

in

the

Company’s

reports

filed

with

the

SEC.

The

Company

encourages

readers

to

consider

the

risks

and

uncertainties

associated

with

projections.

In

addition,

the

Company

assumes

no

obligation

to

publicly

revise

or

update

any

forward-looking

statements

based

on

future

events

or

circumstances.

3

Key Messages

Key Messages

EXPLORATION SUCCESS

Yellow Jacket shale gas discovery

Sizable, controlling acreage position

DEVELOPMENT PERFORMANCE

Record production

Operating efficiencies

FINANCIAL STRENGTH

$419 million dry powder

Diversified and reliable banking syndicate

15%+ growth 2009 living within cash flow

Sizable hedge positions with diversified and reliable

counterparties

Fred Barrett –

Chairman and CEO

4

3

rd

Quarter/ YTD Highlights

3

rd

Quarter/ YTD Highlights

Record third quarter and YTD results

Production growth, up 30% year to date

Discretionary cash flow up 83% year to date

Net income up, EPS up 305% year to date

Strong operating margin

Average realized price in 3Q $7.86/Mcfe –

in the Rockies

Discretionary cash flow per Mcfe

in 3Q $5.39

Well positioned for 2009

Strong liquidity

Align capex

with cash flow and achieve double digit growth

60 Bcfe hedged at $7.17/MMBtu (or $$7.89/Mcfe) & $81.79/bbl

Bob Howard –

CFO and Treasurer

5

3

rd

Quarter Results

3

rd

Quarter Results

3Q '08

3Q '07

Variance

2Q '08

Variance

Production (Bcfe)

19.6

14.7

33%

19.2

2%

Discretionary cash flow*

-in millions

$105.6

$54.7

93%

$108.3

-2%

-per diluted share

$2.34

$1.23

90%

$2.50

-6%

-per mcfe

$5.39

$3.66

47%

$5.90

-9%

Net Income

-in millions

$36.1

$0.2

NM

$34.0

6%

-per diluted share

$0.80

$0.01

NM

$0.75

7%

Per Mcfe

-Realized price (including hedge effects)

$7.86

$5.58

41%

$8.31

-5%

-LOE

$0.64

$0.67

-4%

$0.55

16%

-Gathering and transportation expense

$0.52

$0.33

58%

$0.53

-2%

-Production taxes

$0.69

$0.29

138%

$0.71

-3%

-G & A (excluding stock based comp)*

$0.50

$0.52

-4%

$0.51

-2%

-Depreciation, depletion and amortization

$2.53

$2.92

-13%

$2.56

-1%

* Non-GAAP measure reconciled to GAAP in the earnings release

  (Unaudited)

Sequential

Year over Year

Bob Howard –

CFO and Treasurer

6

Yellow Jacket Project

Yellow Jacket Project

2007

Three vertical wells drilled and cored -

encouraging results

2008

Koskie-Bromley 3H-27 (horizontal) –

5.7 MMcf/d

Neely 3H-7 (horizontal) –

3.1 MMcf/d

East Doe (vertical), cored, initial results positive

Koskie-Bromley 15-H (horizontal) –

drilling at kick-off point

2009

Additional delineation drilling –

up to seven wells

Extended production testing –

through two temporary NWPL taps

Construction of a processing plant –

initial capacity 50 MMcf/d

Joe Jaggers –

President and COO

7

Delineation and Exploration Update

Delineation and Exploration Update

Paradox Basin, Colorado –

Green Jacket / Salt Flank 

Green Jacket –

expect to spud during November

Salt Flank –

drilled and cased, completion mid-2009

Uinta Basin, Utah –

Hook

Drilled 1

st

Manning Canyon shale test well; initial core results encouraging 

Currently drilling 1

st

Juana Lopez well

Wind River Basin, Wyoming –

Cave Gulch 

CG 31-32, completed in Muddy and Lakota at 1 MMcf/d; recomplete to

Frontier mid-November

Currently drilling the Bullfrog 23-6 at 15,000’

Montana Overthrust, Montana –

Circus 

Completed 1

st

of 4 wells drilled during 2008, producing 500 Mcf/d;

other completions planned for 2009 

Bighorn Basin, Wyoming –

Red Point

Expected spud end of November; Fort Union test

Joe Jaggers –

President and COO

8

Development Update

Development Update

Uinta

Basin,

Utah

–

West

Tavaputs

Three shallow rigs operating; plan to be at one at year-end

EIS ROD expected Jan 2009

Currently producing 71 MMcfe/d (net)

Forecast 2008 exit rate approximately 76 MMcfe/d (net)

Piceance

Basin,

Colorado

–

Gibson

Gulch

Four rigs operating; plan to be at two at year-end

Currently producing 87 MMcfe/d (net) 

Forecast 2008 exit rate approximately 96 MMcfe/d (net)

Powder

River

Basin,

Wyoming

–

CBM

Two rigs operating 

Currently producing 24 MMcfe/d (net)

New production in 3Q from Pumpkin Creek and Willow Creek

Forecast 2008 exit rate approximately 27 MMcfe/d (net)

Uinta

Basin,

Utah

–

Blacktail

Ridge/

Lake

Canyon

One rig operating

Currently producing 4 MMcfe/d (net)

Joe Jaggers –

President and COO