EXHIBIT 99.1
On February 7, 1997, the Registrant issued the following press release:
"FOR IMMEDIATE RELEASE Contact: Donald H. Stevens
--------------------- Laura M. Burford
(303) 572-3900
BARRETT'S 1996 RESERVES INCREASED 38%
DENVER, COLO., FEB. 7, 1997 -- Barrett Resources Corporation (NYSE: BRR)
announced that proved reserves at year end 1996, after production, increased
approximately 38 percent over the prior year. Total proved reserves for December
31, 1996 were 675 billion cubic feet (Bcf) of natural gas and 23 million barrels
(MMbls) of crude oil and condensate, totaling 814 Bcf of gas equivalent (Bcfe)
or 136 million barrels of oil equivalent (MMBOE) of which 26 percent is proved
undeveloped. Total proved reserves at December 31, 1995 were 514 Bcf of natural
gas and 13 MMbls of oil and condensate, totaling 591 Bcfe (99 MMBOE) of which 18
percent was proved undeveloped.
The Company added 295 Bcfe of proved reserves in 1996, which replaced 410
percent of 1996's estimated production of 72 Bcfe. Approximately 47 percent of
the 1996 proved reserve additions were through extensions and discoveries and
revisions. The Company's acquisitions accounted for approximately 53 percent of
the 1996 proved reserves additions, the majority of which are located in the
Piceance and Uinta Basins (in Colorado and Utah, respectively).
The following table summarizes the present value of estimated future net
revenues (before future income taxes, discounted by 10 percent) ("PV-10") for
December 31, 1995 and 1996 and the respective year end natural gas and oil
prices used in determining each PV-10.
12/31/95 12/31/96 % Change
-------- -------- --------
Prices for Oil ($/Bbl) $17.35 $24.12 39%
Prices for Gas ($/Mcf) $1.77 $3.46 95%
Present Value of Estimated Future Net
Revenues (before future income taxes,
discounted by 10%) ($ in millions) $432.6 $1,121.5 159%
When using the 1996 average price received for natural gas and oil of $1.90 and
$18.50, respectively, to calculate the December 31, 1996 reserve value, the PV-
10 would have been $534.6 million.
(continued)
The Company's proved reserves by basin for December 31, 1995 and 1996 are
summarized in the following table:
Total Proved Reserves (Bcfe)
----------------------------
Basin/Area 12/31/95 12/31/96 % Change
- ---------- -------- -------- --------
Anadarko 33 46 39%
Arkoma 27 27 0%
Greater Green River 4 15 275%
Gulf of Mexico 9 24 167%
Hugoton 201 212 5%
Permian 39 32 -18%
Piceance 119 201 69%
Powder River 30 32 7%
Uinta 4 92 2200%
Wind River 88 96 9%
Other 37 37 0%
-------- -------- --------
Total 591 814 38%
======== ======== ========
Separately, Barrett reported that its Cave Gulch #16 well is currently drilling
at a depth of 18,940 feet. Based on information obtained to date, Barrett
intends to drill this well to a depth of 19,100 feet. Total depth is currently
anticipated to be reached by mid-February.
Barrett Resources is a Denver-based independent natural gas and oil exploration
and production company that is also involved in gas gathering, marketing and
trading activities. Barrett's properties are focused primarily in the Rocky
Mountain region of Colorado, Wyoming and Utah, the Mid-Continent area of Kansas,
Oklahoma, New Mexico and Texas, and the Gulf of Mexico region of offshore Texas
and Louisiana.
###"