SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934
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BARRETT RESOURCES CORPORATION
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Barrett Resources Corporation
news release
FOR IMMEDIATE RELEASE
CONTACT:
Frank Keller/Robert Howard Paul Verbinnen/David Reno/Jonathan Gasthalter
Barrett Resources Citigate Sard Verbinnen
303-572-3900 212-687-8080
Barrett Resources Receives Favorable Ruling
From Colorado Oil and Gas Conservation Commission
Reports Increased Proved Gas and Oil Reserves
Denver, Colo., April 24, 2001 -- Barrett Resources Corporation (NYSE: BRR)
announced the Colorado Oil and Gas Conservation Commission ruled yesterday to
approve 20-acre increased density drilling covering 16,000 acres of Federal
lands in the Piceance Basin. This ruling allows the Company to add 212 billion
cubic feet ("Bcf") of proved gas reserves from 202 additional well locations in
the Piceance Basin.
Including the increased well density in the Piceance Basin and other additions
resulting from on-going drilling activities, the Company's total proved gas and
oil reserves are 2.1 trillion cubic feet of gas equivalents ("Tcfe") as of April
30, 2001, an increase of 53 percent from December 31, 2000. The incremental
proved reserves have been reviewed by the Company's independent reservoir
engineers and consist of 645 Bcf and 54 Bcf of gas reserves in the Piceance and
Powder River Basins, respectively, and 37 Bcfe of oil and gas reserves in the
Uinta Basin. Natural gas accounts for 96 percent of the Company's proved
reserves.
"These reserve additions demonstrate the inherent quality of our core holdings
in the Rocky Mountains and the success of our exploration and development
strategy," commented Peter Dea, Chairman and Chief Executive Officer. "The Board
of Directors' recognition of Barrett's high quality asset base was a factor in
its decision to reject Shell Oil Company's unsolicited offer of $55 per share as
inadequate and to pursue a process to maximize shareholder value. That
previously announced process is proceeding expeditiously. We are committed to
attaining a full appreciation of our assets for our shareholders."
Following yesterday's action by the Colorado Oil and Gas Conservation
Commission, a total of 29,000 acres in the Piceance Basin has been approved for
development on 20-acre density, an area that represents less than 20 percent of
the Company's total net acreage position in this Basin. In addition to the 212
Bcf of gas reserves added as a direct result of the latest Commission ruling,
Barrett has booked an incremental 433 Bcf of gas reserves associated with a
combination of 40-acre and 20-acre locations. The booking of these reserves is
based on an acceleration of drilling activity resulting from an internal review
process begun several months ago. The Company is currently developing Piceance
reserves with a five rig drilling program that is scheduled to expand throughout
the year.
In the Powder River Basin, on-going development and further evaluation of the
Company's coal bed methane acreage position provided a 54 Bcf increase in proved
gas reserves. The Powder River Basin reserve additions include the Company's
first booking of Big George coal bed methane reserves of 7 Bcf from the All
Night Creek pilot. The reserve additions in the Uinta Basin are 5.6 million
barrels of oil and 4 Bcf of gas resulting from development of 80-acre locations
during 2001.
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, and Oklahoma and the Gulf of Mexico region of offshore Texas and
Louisiana. For additional information about Barrett, please visit our Web site
at www.brr.com.
Forward-Looking Statements
This press release may contain projections and other forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Any such projections or statements include the Company's current views
with respect to future events, financial performance, Board decisions with
respect to modifying the process described herein, and expectations of responses
by potential qualified parties. No assurances can be given, however, that these
events will occur or that such projections will be achieved and actual results
could differ materially from those projected. A discussion of important factors
that could cause actual results to differ materially from those projected is
included in the Company's periodic reports filed with the Securities and
Exchange Commission.
IN RESPONSE TO THE TENDER OFFER COMMENCED BY SHELL OIL COMPANY THROUGH ITS
INDIRECT WHOLLY OWNED SUBSIDIARY SRM ACQUISITION COMPANY ON MARCH 12, 2001,
BARRETT RESOURCES CORPORATION HAS FILED WITH THE SEC ITS RECOMMENDATION TO
STOCKHOLDERS REGARDING THE TENDER OFFER.
IN RESPONSE TO ANY CONSENT SOLICITATION THAT MAY BE COMMENCED BY SHELL AND SRM
ACQUISITION, BARRETT WILL FILE WITH THE SEC A CONSENT REVOCATION STATEMENT AND
ANY OTHER SOLICITATION MATERIALS THAT MAY BE PREPARED BY BARRETT IN RESPONSE TO
SHELL'S CONSENT SOLICITATION. BARRETT HAS FILED WITH THE SEC A PRELIMINARY
CONSENT REVOCATION STATEMENT AND OTHER SOLICITATION MATERIALS IN RESPONSE TO A
PRELIMINARY CONSENT SOLICITATION STATEMENT FILED BY SHELL WITH THE SEC.
INVESTORS ARE STRONGLY ADVISED TO READ ANY DEFINITIVE CONSENT REVOCATION
STATEMENT, IF AND WHEN IT IS FILED AND BECOMES AVAILABLE, BECAUSE IT WILL
CONTAIN IMPORTANT INFORMATION. ANY
DEFINITIVE CONSENT REVOCATION STATEMENT WOULD BE FILED BY BARRETT WITH THE SEC.
STOCKHOLDERS AND INVESTORS WILL BE ABLE TO OBTAIN A FREE COPY OF ANY DEFINITIVE
CONSENT REVOCATION STATEMENT (IF AND WHEN FILED AND AVAILABLE) AND OTHER
RELEVANT DOCUMENTS ON THE SEC'S WEB SITE AT WWW.SEC.GOV. ANY DEFINITIVE CONSENT
REVOCATION STATEMENT AND RELATED MATERIALS MAY ALSO BE OBTAINED FOR FREE BY
DIRECTING A REQUEST TO BARRETT RESOURCES CORPORATION-- INVESTOR RELATIONS AT
(303) 572-3900.
CERTAIN INFORMATION REGARDING PERSONS
WHO MAY BE DEEMED TO BE PARTICIPANTS
IN ADDITION, THE IDENTITY OF PEOPLE WHO, UNDER SEC RULES, MAY BE CONSIDERED
PARTICIPANTS IN THE SOLICITATION OF CONSENT REVOCATIONS FROM BARRETT
STOCKHOLDERS AND SUCH PERSONS' HOLDINGS OF BARRETT COMMON STOCK ARE CONTAINED IN
BARRETT'S PRELIMINARY CONSENT REVOCATION STATEMENT FILED WITH THE SEC UNDER
REGULATION 14A.
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