Bill Barrett Sells West Tavaputs Natural Gas Property For $371 Mln

(RTTNews) - Bill Barrett Corporation(BBG), Wednesday said it signed an agreement with an undisclosed purchaser to sell its West Tavaputs natural gas property in the Uinta Basin, for $371 million, that includes about $46 million for the purchaser's assumption of the lease financing obligation for compressor units on the property. The company intends to use the sale proceeds to pay off debts.

The Company expects to record non-cash impairment charges in the third quarter of 2013 of about $200 million, before tax, associated with the asset sale. The deal is expected to close before year end.