DENVER (AP) -- Bill Barrett Corp. said Wednesday that it reached a deal to sell its West Tavaputs natural gas property in Utah for $371 million. The company did not disclose who the purchaser was.
The Denver-based oil and gas company expects the deal to close before the end of the year. Bill Barrett will use the proceeds to pay down debt, which stood at $1.2 billion as of June 30.
The property, located in the Uinta Basin, is 35,000 net acres and has 300 producing wells. Bill Barrett expects to record non-cash impairment charges of $200 million in the third quarter.
Shares of Bill Barrett fell $1.10, or 4%, to $26.09 in late morning trading Wednesday. The stock is down more than 45% since the start of the year.