The company’s exploration portfolio is classified in two.

These are delineation programs which have determined the scope and scale of the play and a new exploration program where it has been building acreage positions over the past several years and has only recently finished drilling or preparing to drill over the coming weeks and months.

Two areas to mention under the delineation program are the deep West Tavaputs program in the Uinta Basin and the Lake Canyon area. The company and its partners were 100% successful with the first seven wells drilled, which include six Green River wells and one Wasatch well. It is in the process of completing the first two offsets to the original Lake Canyon discovery, which has produced over 25,000 barrels of oil in 10 months from the Wasatch formation.

The Lake Canyon position covers almost 430 square miles, and the Wasatch is believed to cover a portion of the company’s acreage spread. Depending on the results which are expected over the next four to six weeks, the company could operate and drill up to 10 Wasatch wells and participate in as many as 14 non-operating Green River wells during 2007.

In the Wasatch program, the company has 56% to 75% working interest with average depths ranging from 7,000 to 9,000 feet and in the non-operating Green River program, it has 25% to 18% working interest, down to depths of around 5,000 feet.

The company entered into an exploration and development agreement with Ute Energy at the Blacktail Ridge area.

This area covers 99,000 gross acres and is located in the Cedar Rim portion of Southwestern of the prolific Altamont-Bluebell field, which has produced over 197 million barrels of oil and 177 Bcfe. The company has agreed to drill a minimum of five wells in 2007 and, depending on the results, could drill up to a total of 8 Wasatch wells in the Blacktail Ridge area. Ute Energy has the option to participate for up to 50% working interest in all wells within the prospect boundaries of Blacktail Ridge.

The company will be moving in a rig to its Woodside area in the second quarter.

- In addition, later in the third and fourth quarters of 2007, it plans to test its shale gas concept in Hook and Woodside.
- In its Waltman Arch program in the Wind River Basin, the company is currently testing the overpressured shale gas intervals with Cody/Niobrara section in its Cooper deep Number 1 well. While drilling this zone, it experienced a flow of about 100 barrels of oil to the pit. Initial pre-track weights from these intervals were in the 300 to 500 Mcf per day range, with two to four barrels of oil per hour.

Other light oil and gas shales have been recognized in this same zone along the Waltman Arch in older well bores. As such, the company is currently assessing the possibility of a broader shale gas play in the Cody/Niobrara.

Still in the Wind River Basin, in Cave Gulch and Bullfrog, the company is seeking a partner to participate in its deep drilling program targeting the Lakota, the Muddy, and the Frontier intervals. It drilled its second deep successful Bullfrog well last year and plans on utilizing a continuous one-rig program to drill two wells this year beginning sometime in the summer, thereafter expecting to drill up to three wells per year while utilizing the same rig.

At Yellow Jacket and at Paradox Basin, the company has only recently begun completion operations on the first two vertical Gothic Shale tests.

On average, it drilled to a depth of 6,500 feet and is conducting detailed core analysis on those wells. Given the amount of data collected from the log, the cores and the completion testing may take several months to access the full result of these wells. The company also plans to drill two additional shale gas tests this year in the Yellow Jacket area.

The Circus project in the ever dressed well of Southwest Montana has produced a 50% working interest in over 340,000 growth acres.

The utilizations of 3D seismic technology is an integral part of the company’s exploration assessment. It has nearly 155 square miles of contiguous seismic coverage and is in the final phases of test processing. The early seismic data suggests the presence of several intriguing large-scale structural features. High-grading and picking exact locations for at least two of the identified features should begin by May, and drilling sometime early in the third quarter of 2007. It plans to acquire an additional 75 square mile of 3D seismic this summer to the west of its Circus prospect. This is an area where it has accumulated over 65,000 gross acres along with its partner.

In the service region the company is targeting multi-Tcf type features, structural features analogous to the prolific structures found in the Canadian and Wyoming overthrust trends.

In the Big Horn Basin project of North Central Wyoming, the company is targeting a multi-Tcf Basin centered play. It is early in the recompletion phase throughout the five Mesa Verde stages in its Seller’s ground number one.The company recently finished acquiring a 42 square-mile 3D program in its Seller’s Draw area. With this data, it identified the presence of an unusual structural feature, deeper intersection, which it has interpreted as an ancient meteor impact feature. Because of this recently identified feature, it is reassessing the timing and the nature of its first exploratory well in the Seller’s Draw area.

The company has the capability of driving 25% to 35% growth over the next three years.

The past month or so has been cold enough to have five consecutive withdrawals in excess of a 175 Bcfe. In line with this, the company expects to end the withdrawal season at 1.5 Tcfe, a 300 Bcfe improvement over last year.

Key questions from the fourth quarter earnings call conducted by Bill Barrett Corp. (BBG: chart) on February 27, 2007.