- The company will continue to execute one of the most aggressive exploration agendas for any operator in the Rocky Mountain region during 2007 including a number of delineation projects based on past discoveries. The company is focused on a goal of continuing track record of exploration discoveries as it drill and test new wells in the paradox, Uinta and Montana overthrust regions in 2007.
- Consequently, along with expected sale of the Williston Basin, the company is financially poised and has the liquidity to drive stable, reliable, production growth and cash flow through the balance of 2007 and into 2008.

Key questions from the first quarter earnings call conducted by Bill Barrett Corp. on May 08, 2007.

Larry Busnardo (Tristone Capital): You are adding additional rigs in West Tavaputs, so the drilling activity is going to continue into summer. What is the plan going to be in there going forward?

Joseph Jaggers: The next step is in the first quarter of 2008, the company is negotiating and has the heads of agreement resolved for a deal that takes 70,000 MMBtus east on Questar’s midstream operation. That, in addition to giving Bill Barrett Corp. more take away from the Tavaputs field, is also giving the company access to some work in Northwest pipeline markets.

Larry Busnardo(Tristone Capital): The deep program is progressing. What are the plans going to be on the west side of the structure?

Joseph Jaggers: The west structure is not going to be drilled until 2008. Current plan is to stay on the east structure, but the final well that will spud this year on the east structure will be a deeper test the way it is contemplated now, and when the seismic was acquired that indicated that Jurassic structure that the company is having success with now. It also indicated a deeper structure that will test with the final well this year.

Larry Busnardo(Tristone Capital): How many wells are left to go on the east side?

Joseph Jaggers: The 212, the first one this year does not count. This was spud in the year so there are actually three to go.

Larry Busnardo(Tristone Capital): What happened on the recompletion of the seller’s draw and what may have resulted in the disappointing results there?

Robert Howard: In the seller’s draw area Bill Barrett Corp. reentered an old well board, seller’s draw number one that had several strings of anything that the company had to perforate through. Once the company had shopped 3D and made its interpretation, one of the first things it realized was what it thought there was not in the form of a more conventional structural nose that the company thought was running through that area. It turned out the old 2D which misled the company into believing that the structural nose actually was seeing part of this big deep structural astral bloom that the company knows is present down in the deeper horizons, and it is more of a localized structure. The company always likes to see in target regional structural elements as it relates to these basin center gas plays. There are a number of structural elements in the Piceance Basin that help drive the play like the big Pinedale Anticline kind of drive that play up there in the Green River Basin, and as the company tests Mesaverde well, it felt that it will be hard to make a well out of Mesaverde because of the lack of that structure there. The company has made a producer out of it. It is likely unothormic at this point, and so as it relates to kind of a basin center concept up there, where the company is focused now is further to the north in the red point area. It is targeting a big structure that plunges into the deep part of the basin and shooting 3D across that feature. This feature is bigger than the Pinedale Anticline in terms of length. Bill Barrett Corp. is focused up there and as it relates to basin centered Mesaverde and Lance production type play, and further to the south and the seller’s draw area the company’s focus has been drawn towards this deep impact feature.

Larry Busnardo(Tristone Capital): Is that the one that you are going to push off until 2008?

Robert Howard: It is a deep test. There are 23,000, 24,000 feet, but with one or two wells, the up shot there is that one makes a 250 to 500 Bcfe type play with a minimal amount of wells. Bill Barrett Corp. wants to make sure it has everything understood in terms of seismic processing. It has got more geologic work to do on a regional basis, and is looking at a number of analog plays, Red Wing Creek, in particular, as to where it puts the first well in that impact feature.

Larry Busnardo(Tristone Capital): What is the timing of that?

Robert Howard: It is this summer.

Robert Lind (Simmons and Company): How much of your eastern acreage At Lake Canyon might be condemned based on what you saw in the recent wells, and is it the acreage still perspective for the Green River?

Joseph Jaggers: The company has not tested any zones in the Green River in these two wells although it does see potential pay zones in those wells. The two offsets are located on the extreme eastern portion of Lake Canyon. 13 to 14 townships that the company controls lie west and northwest of where it drilled these two offsets. Virtually the entire Lake Canyon area is technically prospective in no way, shape or form do these two wells condemn the majority of Lake Canyon. Geologically the company may have condemned 5% to 10% of the Lake Canyon area as it relates to the Wasatch. It has not tested the Green River in these two wells, so that remains to be determined. This is an area Bill Barrett Corp. is going to move further to the north and northwest and fill in the gaps as it continues with its program, drill three wells in the northern Lake Canyon area and five wells further to the north in the Blacktail Ridge area.

Robert Lind (Simmons and Company): What are your initial thoughts on potential communication between 10-acre wells on Piceance and do you assume a cut to average reserves for 20 and wider-spaced wells?

Joseph Jaggers: The 10-acre space is certain to have some communication at some of the sand levels, so the company is using internally 80% hair cut for the economics. It will be later in the year, though, when the company completed some of the drilling and some of the data gathering and has some production performance, and it will have a better handle on that. The average EUR for 2006 turned out to be 1.3, and while that is influenced by geography as well as geology and completion practices, the company is targeting overall including its tens around a 1 Bcfe recovery going forward.