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.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.