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Bill Barrett Corp
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January 2018 Corporate Presentation
| Scott Woodall | Page 3 of 11 |
April 29, 2024
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"January 2018 Corporate Presentation"
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Transaction Highlights Creates Leading DJ Basin Pure Play Focused on Rural, Oily Portion of Basin Highlights 3 Leading Pure Play Asset Base Fifth Creek Acreage BBG Acreage Chalk Bluffs ~5,700 net acres 353 gross locations Hereford Field ~81,000 net acres 1,179 gross locations Robust operating performance drives basin leading operating margins ~151,100 largely contiguous net acres primed for XRL development Decades of drilling inventory – 2,865 gross undeveloped total locations with a 65% weighted average IRR at NYMEX strip (1) Liquids-rich production base of ~24 MBoe/d (81% liquids, 64% oil) (2) NE Wattenberg ~64,400 net acres 1,333 gross locations Strong balance sheet to fund development and opportunistically pursue additional M&A (1) NYMEX strip pricing as of 11/24/2017 (2) Includes 2 Mboe/d of production associated with Uinta Basin asset divestiture that closed December 29, 2017 • Strategic combination with Fifth Creek Energy (“Fifth Creek”) materially expands DJ Basin footprint ? ~81,000 net acres in Hereford Field in rural northern Weld County, Colorado ? 100% operated with high working interest ? Proved reserves of 113 MMBoe (75% oil) ? 2.9 MBoe/d of Q3 2017 net production (72% oil) • De-risked position offsetting prolific EOG Fairway Field with strong, multi-bench results ? >310 ft of stacked pay with 2 producing horizontal zones ? Extensive well control (62 producing SRLs and 7 producing XRLs) and extensive 3D seismic result in low risk development ? Seven XRLs completed in 2017 with avg. IP30 of 1,052 Boe/d (84% oil) (two-stream basis) • Contiguous acreage block provides decades of highly economic Niobrara and Codell drilling inventory ? 1,179 gross drilling locations across primary targets of Niobrara B and Codell; conducive to XRL development ? Further upside from de-risking of additional Niobrara benches and downspacing opportunities ? >80% weighted average IRR at NYMEX strip (1) • Existing infrastructure supports development • Largely undeveloped nature allows BBG to immediately apply established execution skillset and best-in-class cost structure • Strong pro forma balance sheet underpinned by significant cash position, significant liquidity and improved credit metrics ? Exchanged $50 mm of 7% Notes for common stock and a completed $116 mm common stock offering