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Bill Barrett Corporation Reports First Quarter 2013 Results, Positive New Wells in the DJ Basin and Powder River Deep Oil

  Bill Barrett Corporation Reports First Quarter 2013 Results, Positive New
  Wells in the DJ Basin and Powder River Deep Oil Program and Reaffirms 2013
                                   Guidance

PR Newswire

DENVER, May 2, 2013

DENVER, May 2, 2013 /PRNewswire/ -- Bill Barrett Corporation (NYSE: BBG) today
reported first quarter 2013 results and announced operational updates
highlighted by:

  oOil and natural gas production of 21.2 Bcfe, on track for full year
    guidance of 86-90 Bcfe
  oOil production averaging 8,827 barrels per day, or 23% of production
  oAverage realized price of $6.58 per Mcfe, reflecting the benefit of
    growing oil volumes. Oil sales accounted for 47% of pre-hedge sales
    revenues
  oDiscretionary cash flow of $63.6 million, or $1.34 per diluted common
    share, which includes certain one-time first quarter expenses of $3.8
    million, or $0.08 per share.
  oPlans to run three-to-four rigs in the Northeast Wattenberg June through
    December
  oUinta Oil Program drilling and completion optimization, driving 10%
    savings in per well costs over 2012
  oRecent Northeast Wattenberg well flowed 700 barrels of oil equivalent per
    day ("Boe/d") peak 24-hour initial production ("IP") rate and 413 Boe/d
    30-day average rate, located on the eastern portion of the Company's
    position
  oTwo new successful wells in the Powder River Deep Oil Program flowed 2,065
    and 1,281 Boe/d peak 24-hour IP rates, and flowed 1,222 and 842 Boe/d
    30-day average rates. Both wells were restricted due to availability of
    facilities capacity in the area

Chief Executive Officer and President Scot Woodall commented: "First quarter
operations are on track with our full year plan. Further, we are pleased with
advances we are making in both the Denver-Julesburg Basin ("DJ") and Uinta Oil
Program ("UOP") to optimize well costs and performance. Given results to date
and improvement in drilling and completion techniques, we are ready to
increase the pace of drilling in the Northeast Wattenberg, which carries the
best returns in our portfolio. Execution of our development plans in the DJ
and UOP remain our top priority. We also remain committed to ending 2013 with
no increase in our total debt. We will be actively managing our portfolio to
generate proceeds from the sale of assets to meet our funding requirements,
which we expect to complete in the second half of the year."

OPERATING AND FINANCIAL RESULTS

Oil and natural gas production totaled 21.2 billion cubic feet equivalent
("Bcfe") in the first quarter of 2013, based on three-stream reporting adopted
as of January 1, 2013. (First quarter of 2013 production on a comparable
two-stream basis would have been 20.4 Bcfe.) Production is down from 28.2 Bcfe
reported in the first quarter of 2012 and down sequentially from 28.2 Bcfe
reported in the fourth quarter of 2012 (each reported on a two-stream basis),
primarily due to asset sales closed in the fourth quarter of 2012 and
cessation of drilling natural gas programs. Oil production of 8,827 barrels
per day ("Bbls/d") in the first quarter of 2013 was up 67% compared with the
first quarter of 2012, including an 80% increase at the UOP and a three-fold
increase in the DJ, partially offset by the oil production sold in the fourth
quarter asset sale.

Realized pricing in the first quarter of 2013 was $6.58 per thousand cubic
feet equivalent ("Mcfe"), up 3% from the first quarter of 2012, reflecting the
significant growth in oil volumes year-over-year and benefiting by $0.41 per
Mcfe from realized hedges. The average realized prices by commodity for the
first quarter of 2013 were $81.74 per barrel ("Bbl") of oil, $4.10 per Mcfe of
natural gas and $48.32 per Bbl of natural gas liquids ("NGLs") (reflecting the
Company's election to reject ethane on the majority of its NGLs during the
first quarter.) (See "Selected Operating Highlights" below for more detail.)

The table below presents production volumes, sales volumes (see "Disclosure
Statements" below) and realized prices historically by quarter. First quarter
of 2013 production reflects the effects of the asset sale, the change to
three-stream reporting and the Company's election to reject ethane:

                                  1Q12     2Q12     3Q12     4Q12     1Q13
Reported Production Volumes
3-Stream:
 Oil (Bbls/d)                     N/A      N/A      N/A      N/A      8,827
 Natural gas, including NGLs      N/A      N/A      N/A      N/A      163
 (MMcf/d)
 NGLs ethane rejected (Bbls/d)    N/A      N/A      N/A      N/A      3,349
Reported Production Volumes
2-Stream:
 Oil (Bbls/d)                     5,286    6,972    7,766    9,315    N/A
 Natural gas, including NGLs      278      287      294      251      N/A
 (MMcf/d)
Sales* Volumes (1Q12-4Q12) &
2-stream estimate 1Q13:
 Oil (Bbls/d)                     5,286    6,972    7,766    9,315    8,827
 Natural gas sold as dry gas      257      262      265      223      N/A
 (MMcf/d)
 Natural gas including NGLs                                           174
 (MMcf/d)
 NGLs (Bbls/d)                    11,985   11,439   10,341   8,687    N/A
Reported Realized Prices
 Oil (per Bbl)                    $ 88.42  $ 84.86  $ 84.08  $ 83.84  $ 81.74
 Natural gas sold as dry gas (per N/A      N/A      N/A      N/A      $  4.10
 Mcf)
 Natural gas including benefit of $  5.46 $  4.77 $  4.90 $  5.18 N/A
 NGL realizations (per Mcf)
 NGLs (per Bbl)                   N/A      N/A      N/A      N/A      $ 48.32
* (see "Disclosure Statements" below)

Discretionary cash flow (a non-GAAP measure, see "Discretionary Cash Flow
Reconciliation" below) in the first quarter of 2013 was $63.6 million, or
$1.34 per diluted common share, down from $99.0 million in the first quarter
of 2012. Adjusting first quarter of 2013 discretionary cash flow for certain
one-time items totaling $3.8 million, normalized discretionary cash flow was
$67.4 million, or $1.42 per diluted common share. One-time items included $1.2
million in charges not covered by insurance associated with the compressor
station fire at West Tavaputs included in lease operating expense ("LOE"), and
$2.6 million related to the CEO transition included in general and
administrative expense ("G&A") (which was considered in 2013 G&A guidance).
The decline in discretionary cash flow in the first quarter of 2013 compared
with the first quarter of 2012 was primarily due to lower production
(described above). LOE per unit was $0.88 in the first quarter of 2013
compared with $0.66 in the first quarter of 2012. The increase in per unit LOE
was due in general to fixed costs spread over lower production volumes and due
to the higher cost of producing oil, with first quarter costs also including
major compressor overhauls in Gibson Gulch (which were considered in full year
LOE guidance) and the one-time charge associated with the compressor station
fire.

Net income in the first quarter of 2013 was a loss of $33.2 million, or
($0.70) per diluted common share, compared with income of $35.9 million in the
first quarter of 2012. Net income was affected by the same items that affected
discretionary cash flow described above. In addition, net income was lower due
to non-cash items including: a derivative loss in the current period of $36.3
million versus a derivative gain of $40.9 million in the prior year period; an
abandonment charge in the current period of $4.6 million related to
exploration properties in the San Juan Basin where the Company elected to
terminate a drill-to-earn agreement; all of which was tax effected. Adjusted
net income for the first quarter of 2013 (a non-GAAP measure, see "Adjusted
Net Income Reconciliation" below) was a loss of $11.8 million, or ($0.25) per
diluted common share, compared with earnings of $9.5 million, or $0.20 per
diluted common share, in the first quarter of 2012. Adjusted net income
removes the effect of non-recurring charges such as unrealized derivative
gains and losses, impairment expenses, property sales and certain one-time
items.

DEBT AND LIQUIDITY

At March 31, 2013, the Company had total debt outstanding (principal balance)
of $1,195.7 million including $25.0 million drawn on its revolving credit
facility. Subsequent to quarter-end, the Company's lenders affirmed the
borrowing base and commitments at $825.0 million. After deducting an
outstanding letter of credit for $26.0 million, borrowing capacity at
quarter-end was $774.0 million. The Company has no maturities before 2016.

OPERATIONS

Production, Wells Spud and Capital Expenditures

The following table lists production, wells spud and total capital
expenditures by basin for the three months ended March 31, 2013:



                         Three Months Ended March 31, 2013
Basin                    Average Net Daily        Wells Spud  Capital
                         Production MMcfe/d       Gross*      Expenditures $mm
Uinta:
 Uinta Oil Program 42                       20          $ 65
 West Tavaputs     73                       0           1
Piceance                 101                      0           2
Denver-Julesburg         16                       2           20
Powder River Deep Oil &  4                        4           30
Other
Total                    236                      26          $ 118
*Operated wells



Operating and Drilling Update

The Company anticipates drilling or participating in approximately 180
gross/100 net development wells in 2013, including participation in
approximately 40 non-operated wells. The Company's development program will
focus on growth in oil production and reserves at its established development
programs.

Uinta Basin, Utah

Uinta Oil Program (Blacktail Ridge, Lake Canyon, East Bluebell and South
Altamont) –
First quarter net production averaged 6,940 Boe/d. The Company currently has
five drilling rigs operating in the area and plans to operate between two and
five rigs in the area through the remainder of the year with a full year
program that includes 70 gross/43 net operated wells. Sixteen wells were
completed in the first quarter. The Company continues to drive cost
efficiencies in the area with optimizations to fracture stimulation design and
well depths, driving an approximate $400,000 savings per well in drilling and
completion costs for 2013. The Company currently is testing an 80-acre spacing
pilot program in the Blacktail Ridge area on two pads, the first of which is
drilled and the second currently is being drilled. Down-spacing offers upside
potential to increase the current reserves and drilling inventory, which are
currently estimated on 160-acre spacing.

At March 31, 2013, the Company had an approximate 74% working interest in
production from 226 gross wells. Depending upon elections to participate by
partners, the Company may have a lower working interest in its 2013 drilling
program. As of the end of the first quarter of 2013, the Company had 152,750
net acres (including acreage to be earned) in the program.

West Tavaputs – First quarter net production averaged 73 million cubic feet
equivalent per day (MMcfe/d). Production operations are fully back on-line
following the compressor station fire in November of 2012. Drilling in the
area remains suspended as the Company focuses its operations plan on oil
development.

At March 31, 2013, the Company had an approximate 96% working interest in
production from 300 gross wells.

Denver-Julesburg Basin, Colorado and Wyoming

Northeast Wattenberg/DJ – First quarter net production averaged approximately
2,700 Boe/d. Results from a fourth well located in the eastern portion of the
Northeast Wattenberg position are very strong having a 700 Boe/d peak 24-hour
IP rate and 413 Boe/d 30-day average rate. The 2013 drilling program will
focus on realizing value through development and delineation drilling on the
Company's approximate 40,000 net acre Northeast Wattenberg position, which
lies in the core of industry activity in the area. The Company recently added
a second rig in the area and plans to operate between two and four rigs in the
area through the remainder of the year with a full year program that includes
approximately 65 gross/42 net operated wells. The Company also expects to
participate in approximately 20 non-operated wells.

At March 31, 2013, the Company had an approximate 70% working interest in
production from 262 gross wells.

Piceance Basin, Colorado

Gibson Gulch – Current net production is approximately 100 MMcfe/d. Drilling
in the area remains suspended as the Company focuses its operations plan on
oil development.

At March 31, 2013, the Company had an approximate 80% working interest in
production from 940 gross wells in its Gibson Gulch program.

Powder River Basin, Wyoming

Powder Deep Oil Program – The Company holds a 68,740 net acre position in the
Powder River Basin, a stacked oil play. The Company's position is prospective
for targets in the Sussex, Shannon and Frontier formations. Following two very
strong wells completed in 2012 to the Shannon and Sussex formations, the
Company flowed two Frontier wells in the first quarter of 2013 that averaged
just over 1,000 Boe/d for the first 30 days. In 2013, the Company plans to
drill five operated wells in the area and participate in a number of
non-operated wells.

At March 31, 2013, the Company had an approximate 23% working interest in
production from 81 gross wells.

ADDITIONAL FINANCIAL INFORMATION

Commodity Hedges Update

It is the Company's strategy to hedge a portion of its production to reduce
the risks associated with unpredictable future commodity prices and to provide
predictability for a portion of cash flows in order to support the Company's
capital expenditure program.

For 2013 and 2014, the Company has hedges in place as outlined in the table
below. Swap positions for natural gas and NGLs are tied to regional sales
points and oil hedge positions are tied to WTI and include:

  oFor the second through fourth quarters of 2013, 46.8 Bcfe, or
    approximately 70% of production, at a weighted average price of $7.85 per
    Mcfe. Approximately 75% of natural gas, two-thirds of oil and one-third of
    NGL production/sales is hedged.
  oFor 2014, approximately 35.8 Bcfe at a weighted average blended price of
    $7.75 per Mcfe.

The following table summarizes hedge positions as of April 19, 2013:

        Natural Gas       NGLs*          Oil
                                            

        Volume   Price    Volume  Price  Volume  Price
                          Bbls/d
Period  MMBtu/d  $/MMBtu          $/Bbl  Bbls/d  $/Bbl
                          
2Q13    132.5    3.72     883     74.74  7,500   98.01
3Q13    135.0    3.71     873     74.74  8,300   97.62
4Q13    123.4    3.72     873     74.74  8,300   97.62
1Q14    75.0     3.83     -       -      5,500   94.35
2Q14    75.0     3.83     -       -      5,500   94.35
3Q14    75.0     3.83     -       -      4,500   95.09
4Q14    75.0     3.83     -       -      4,500   95.09

*NGL volumes include propane, butanes and natural gasoline. No ethane volumes
are hedged.

Guidance

The Company's 2013 guidance (please reference "Forward-Looking Statements"
below) is as follows. The Company may update guidance as business conditions
warrant:

  oCapital expenditures of $475 to $525 million, unchanged.
  oOil and natural gas production of 86 to 90 Bcfe, on a three-stream basis,
    unchanged. The Company is targeting 50%-plus growth in oil production in
    2013 over 2012 and expects approximately 6% to 8% of production will be
    NGLs (assuming ethane rejection for the year), unchanged.
  oLease operating costs of $62 to $67 million, unchanged.
  oGathering, transportation and processing costs of $65 to $68 million,
    reduced from $72 to $75 million. The reduction is a result of a change in
    accounting methodology effective January 1, 2013 in which certain crude
    oil trucking charges are classified as a reduction in revenue rather than
    as a transportation expense.
  oGeneral and administrative expenses before non-cash stock-based
    compensation cost of $50-54 million, unchanged.

FIRST QUARTER 2013 RESULTS WEBCAST AND CONFERENCE CALL

As previously announced, a webcast and conference call will be held tomorrow
morning to discuss first quarter 2013 results. Please join Bill Barrett
Corporation executive management at 11:00 Eastern time/9:00 a.m. Mountain time
on May 3, 2013 for the live webcast, accessed at www.billbarrettcorp.com, or
join by telephone by calling 877-415-3183 (857-244-7326 international callers)
with passcode 61657684. The webcast will remain available on the Company's
website for approximately 30 days, and a replay of the call will be available
through May 10, 2013 at call-in number 888-286-8010 (617-801-6888
international) with passcode 76337713. The Company also has tentatively
scheduled its remaining 2013 earnings conference calls for August 2 and
November 1, 2013, typically at 11:00 Eastern time/9:00 a.m. Mountain time.

QUARTERLY REPORT ON FORM 10-Q

The Company plans to file tomorrow its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2013. The 10-Q will be posted to the Company's website
at www.billbarrettcorp.com and found under "SEC Filings".

UPCOMING EVENTS

Updated investor presentations will be posted to the homepage of the Company's
website at www.billbarrettcorp.com for each event below. Webcast events will
also be accessible on the homepage of the Company's website:

Annual Meeting of Stockholders

The 2013 Annual Meeting of Stockholders of Bill Barrett Corporation will be
held on May 10, 2013 at 8:30 a.m. Mountain time. The meeting will be followed
by a Company presentation and a question and answer period. The meeting,
presentation and question and answer period will be webcast and may be
accessed live and for replay on the Company's website at
www.billbarrettcorp.com.

Investor Conferences

Vice President of Investor Relations Jennifer Martin will participate in
investor meetings at the 2^nd Annual ISI Bermuda Energy One-on-One Conference
to be held May 7-10, 2013. The presentation handout for this event will be
posted at 5:00 p.m. Mountain time on May 6, 2013.

Chief Financial Officer Bob Howard will present at the BAML Global Energy and
Power Leveraged Finance Conference May 14, 2013 at 8:30 a.m. Eastern time. The
presentation will be webcast. The presentation handout for this event will be
posted at 5:00 p.m. Mountain time on May 13, 2013.

DISCLOSURE STATEMENTS

Natural Gas Liquids

Effective January 1, 2013, the Company began reporting its production volumes
on a three-stream basis, which separately reports NGLs extracted from the
natural gas stream and sold as a separate product. The NGL volumes identified
by our gas purchasers are converted to an oil equivalent, based on 42 gallons
per barrel and compared to overall gas equivalent production based on a 1
barrel to 6 Mcf ratio.

Calculation of Natural Gas Liquids as a Percent of Sales Volumes

Prior to January 1, 2013, the Company reported natural gas production based on
wellhead volumes and its natural gas revenue included the incremental revenue
benefit from third party purchasers and processors when the company elected to
receive NGL values from certain volumes of natural gas. In order to provide a
metric that is comparable to three-stream reporting, the Company is providing
the percentage of total company sales volumes by product including oil,
natural gas and NGL revenues received from our gas purchasers or processors
for certain historical time periods. The NGL volumes identified by our gas
purchasers or processors are converted to an oil equivalent based on 42
gallons per barrel and compared to overall gas equivalent production based on
a 1 barrel to 6 Mcf ratio.

Forward-Looking Statements

This press release contains forward-looking statements, including statements
regarding projected results and future events. In particular, the Company is
providing "2013 guidance," which contains projections for certain 2013
operational and financial metrics. These forward-looking statements are based
on management's judgment as of the date of this press release and include
certain risks and uncertainties. Please refer to the Company's Annual Report
on Form 10-K for the year ended December 31, 2012 filed with the SEC, and
other filings including our Current Reports on Form 8-K and Quarterly Reports
on Form 10-Q, for a list of certain risk factors that may affect these
forward-looking statements.

Actual results may differ materially from Company projections and can be
affected by a variety of factors outside the control of the Company including,
among other things: oil, NGL and natural gas price volatility; ability to
monetize properties in order to fund the 2013 capital expenditure program in
excess of discretionary cash flow generated; development drilling and testing
results; the potential for production decline rates to be greater than
expected; performance of acquired properties; costs and availability of third
party facilities for gathering, processing, refining and transportation; the
ability to receive drilling and other permits and rights-of-way; regulatory
approvals, including regulatory restrictions on federal lands; legislative or
regulatory changes, including initiatives related to hydraulic fracturing;
higher than expected costs and expenses, including the availability and cost
of services and materials; unexpected future capital expenditures; economic
and competitive conditions; the ability to obtain industry partners to jointly
explore certain prospects, and the willingness and ability of those partners
to meet capital obligations when requested; declines in the values of our oil
and gas properties resulting in impairments; changes in estimates of proved
reserves; compliance with environmental and other regulations; derivative and
hedging activities; risks associated with operating in one major geographic
area; the success of the Company's risk management activities; title to
properties; litigation; environmental liabilities; and, other factors
discussed in the Company's reports filed with the SEC. Bill Barrett
Corporation encourages readers to consider the risks and uncertainties
associated with projections and other forward-looking statements. In addition,
the Company assumes no obligation to publicly revise or update any
forward-looking statements based on future events or circumstances.

ABOUT BILL BARRETT CORPORATION

Bill Barrett Corporation (NYSE: BBG), headquartered in Denver, Colorado,
explores for and develops oil and natural gas in the Rocky Mountain region of
the United States. Additional information about the Company may be found on
its website www.billbarrettcorp.com.





BILL BARRETT CORPORATION
Selected Operating Highlights
(Unaudited)
                                                        Three Months Ended
                                                        March 31,
                                                        2013      2012
Production Data:
 Natural gas (MMcf)                                     14,662    25,319
 Oil (MBbls)                                            794       481
 NGLs (MBbls)                                           301       N/A
 Combined volumes (MMcfe)                               21,232    28,205
 Daily combined volumes (MMcfe/d)                       236       310
Average Prices (before the effects of realized
hedges):
 Natural gas (per Mcf)                                  $  3.71  $  4.28 (1)
 Oil (per Bbl)                                      (2) 78.73     89.86
 NGLs (per Bbl)                                         46.91     N/A
 Combined (per Mcfe)                                    6.17      5.37
Average Realized Prices (after the effects of
realized hedges):
 Natural gas (per Mcf)                                  $  4.10  $  5.46 (1)
 Oil (per Bbl)                                      (2) 81.74     88.42
 NGLs (per Bbl)                                         48.32     N/A
 Combined (per Mcfe)                                    6.58      6.41
Average Costs (per Mcfe):
 Lease operating expense                                $  0.88  $  0.66
 Gathering, transportation and processing expense   (2) 0.73      0.97
 Production tax expense                                 0.28      0.22
 Depreciation, depletion and amortization               3.22      2.63
 General and administrative expense, excluding      (3) 0.71      0.49
 non-cash stock-based compensation

(1) Natural gas average prices include the effect of NGL revenues for
    the 2012 period.
    Oil average prices for the 2013 period include an approximate $5.50 per
    barrel transportation deduct related to certain production within the
(2) Uinta Oil Program. These costs were previously included within Gathering,
    Transportation and Processing. The effect on the average per unit oil
    price is approximately $2.00 per barrel.
    Management believes the separate presentation of the non-cash component of
    general and administrative expense is useful because the cash portion
(3) provides a better understanding of cash required for general and
    administrative expenses. Management also believes that this disclosure may
    allow for a more accurate comparison to the Company's peers that may have
    higher or lower costs associated with equity grants.



BILL BARRETT CORPORATION
Consolidated Statements of Operations
(Unaudited)
                                       Three Months Ended
                                       March 31,
                                       2013                  2012
(in thousands, except per share
amounts)
Operating and Other Revenues:
    Oil, gas and NGLs           (1)    $ 134,405             $ 177,042
    Other                              3,872                 2,134
     Total operating and other        138,277               179,176
    revenues
Operating Expenses:
    Lease operating                    18,746                18,638
    Gathering, transportation          15,588                27,352
    and processing
    Production tax                    5,951                 6,207
    Exploration                        95                    439
    Impairment, dry hole costs         7,101                 564
    and abandonment
    Depreciation, depletion and        68,438                74,083
    amortization
    General and administrative  (2)    15,148                13,800
    Non-cash stock-based        (2)    5,434                 4,640
    compensation
     Total operating expenses         136,501               145,723
Operating Income                       1,776                 33,453
Other Income and Expense:
    Interest income and other          39                    1,563
    income
    Interest expense                   (24,542)              (21,590)
    Commodity derivative gain   (1)    (29,851)              44,747
    (loss)
     Total other income and           (54,354)              24,720
    expense
Income (Loss) before Income            (52,578)              58,173
Taxes
Provision for (Benefit from)           (19,427)              22,280
Income Taxes
Net Income (Loss)                      $ (33,151)           $  35,893
Net Income (Loss) Per Common
Share
    Basic                              $   (0.70)         $    0.76
    Diluted                            $   (0.70)         $    0.76
Weighted Average Common Shares
Outstanding
    Basic                              47,353                47,085
    Diluted                            47,353                47,368
    The table below summarizes the realized and unrealized gains and losses
(1) the Company recognized related to its oil and natural gas derivative
    instruments for the periods indicated:
                                       Three Months Ended March 31,
                                       2013                  2012
    Included in oil and gas
    production revenue:
    Certain realized gains on          $    2,067         $   25,465
    hedges
    Included in commodity
    derivative gain (loss):
    Realized gain (loss) on
    derivatives not designated         $    6,453         $    3,803
    ascash flow hedges
    Unrealized gain on
    derivativesnot designated         (36,304)              40,944
    as cash flow hedges
     Total commodity                 $  (29,851)         $   44,747
    derivative gain (loss)
    Management believes the separate presentation of the non-cash component of
    general and administrative expense is useful because the cash portion
(2) provides a better understanding of cash required for general and
    administrative expenses. Management also believes that this disclosure may
    allow for a more accurate comparison to the Company's peers that may have
    higher or lower costs associated with equity grants.



BILL BARRETT CORPORATION
Consolidated Condensed Balance Sheets
(Unaudited)
                                  As of            As of
                                  March 31, 2013   December 31, 2012
(in thousands)
Assets:
  Cash and cash equivalents       $         $           
                                  58,522           79,445
  Other current assets        (1) 102,430          148,894
  Property and equipment, net     2,653,125        2,611,337
  Other noncurrent assets     (1) 26,967           29,773
          Total assets            $            $        
                                  2,841,044        2,869,449
Liabilities and Stockholders'
Equity:
  Current liabilities  (1) $           $          
                                  205,708         213,133
  Notes payable to bank           25,000           -
  Capital lease                   86,203           88,519
  Senior notes                    1,043,220        1,042,791
  Convertible senior notes        25,344           25,344
  Other long-term             (1) 302,069          316,887
  liabilities
  Stockholders' equity            1,153,500        1,182,775
          Total liabilities and   $            $        
          stockholders' equity    2,841,044        2,869,449

    At March 31, 2013, the estimated fair value of all of our commodity
    derivative instruments was a net liability of $5.8 million, comprised of:
(1) $3.6 million current assets; $1.6 million non-current assets; $9.7 million
    current liabilities; and $1.3 million non-current liabilities. This
    amount will fluctuate quarterly based on estimated future commodity prices
    and the current hedge position.



BILL BARRETT CORPORATION
Consolidated Statements of Cash Flows
(Unaudited)
                                                   Three Months Ended
                                                   March 31,
                                                   2013          2012
(in thousands)
Operating Activities:
  Net income (loss)                                $  (33,151)  $   35,893
  Adjustments to reconcile to net cashprovided
  by operations:
   Depreciation, depletion and amortization        68,438        74,083
   Impairment, dry hole costs and abandonment      7,101         564
   expense
   Unrealized derivative (gain)\loss               36,304        (40,944)
   Deferred income taxes                           (19,427)      22,280
   Stock compensation and other non-cash charges   6,070         3,322
   Amortization of debt discounts and deferred     1,732         3,317
   financing costs
   Loss (gain) on sale of properties               (3,519)       -
   Change in assets and liabilities:
         Accounts receivable                       19,235        15,207
         Prepayments and other current assets      818           1,191
         Accounts payable, accrued and other       (14,089)      (12,434)
         liabilities
         Amounts payable to oil & gas property     2,406         (3,277)
         owners
         Production taxes payable                  (4,992)       (2,402)
   Net cash provided by operating activities       $   66,926  $   96,800
Investing Activities:
  Additions to oil and gas properties, including   (115,324)     (230,158)
  acquisitions
  Additions of furniture, equipment and other      (445)         (2,329)
  Proceeds from sale of properties and other       6,424         (112)
  investing activities
   Net cash provided by (used in) investing        $ (109,345)   $ (232,599)
   activities
Financing Activities:
  Proceeds from debt                               25,000        450,000
  Principal payments on debt                       (2,241)       (267,156)
  Deferred financing costs and other               (1,263)       (9,350)
  Proceeds from stock option exercises             -             668
   Net cash provided by (used in) financing        $   21,496  $ 174,162
   activities
Increase (Decrease) in Cash and Cash Equivalents   (20,923)      38,363
Beginning Cash and Cash Equivalents                79,445        57,331
Ending Cash and Cash Equivalents                   $   58,522  $   95,694



BILL BARRETT CORPORATION
Reconciliation of Discretionary Cash Flow & Adjusted Net Income
(Unaudited)
Discretionary Cash Flow Reconciliation
                                                    Three Months Ended
                                                    March 31,
                                                    2013          2012
(in thousands, except per share amounts)
Net Income (Loss)                                   $ (33,151)    $ 35,893
Adjustments to reconcile to discretionary cash
flow:
 Depreciation, depletion and amortization           68,438        74,083
 Impairment, dry hole and abandonment expense       7,101         564
 Exploration expense                                95            439
 Unrealized derivative (gain)/loss                  36,304        (40,944)
 Deferred income taxes                              (19,427)      22,280
 Stock compensation and other non-cash charges      6,070         3,322
 Amortization of debt discounts and deferred        1,732         3,317
 financing costs
 Loss (gain) on sale of properties                  (3,519)       -
Discretionary Cash Flow                             $ 63,643     $ 98,954
 Per share, diluted                                 $    1.34  $   2.09
 Per Mcfe                                           $    3.00  $   3.51
Adjusted Net Income (Loss) Reconciliation
                                                    Three Months Ended
                                                    March 31,
                                                    2013          2012
(in thousands except per share amounts)
Net Income (Loss)                                   $ (33,151)    $ 35,893
Adjustments to net income (loss):
 Unrealized derivative (gain)/loss                  36,304        (40,944)
 Impairment expense                                 -             -
 Loss (gain) on sale of properties                  (3,519)       -
 One time items:
     Expenses relating to compressor station fire   1,175         -
     Gain on extinguishment of debt                -             (1,601)
 Subtotal Adjustments                               33,960        (42,545)
 Effective tax rate                                 37%           38%
 Tax effected adjustments                           21,395        (26,378)
Adjusted Net Income                                 $ (11,756)    $  9,515
 Per share, diluted                                 $   (0.25)  $   0.20
 Per Mcfe                                           $   (0.55)  $   0.34

The non-GAAP (Generally Accepted Accounting Principles in the United States of
America) measures of discretionary cash flow and adjusted net income are
presented because management believes that they provide useful additional
information to investors for analysis of the Company's ability to internally
generate funds for exploration, development and acquisitions as well as
adjusting net income for unusual items to allow for a more consistent
comparison from period to period. In addition, these measures are widely used
by professional research analysts and others in the valuation, comparison and
investment recommendations of companies in the oil and gas exploration and
production industry, and many investors use the published research of industry
research analysts in making investment decisions.
These measures should not be considered in isolation or as a substitute for
net income, income from operations, net cash provided by operating activities
or other income, profitability, cash flow or liquidity measures prepared in
accordance with GAAP. Because discretionary cash flow and adjusted net income
exclude some, but not all, items that affect net income and net cash provided
by operating activities and may vary among companies, the amounts presented
may not be comparable to similarly titled measures of other companies.



SOURCE Bill Barrett Corporation

Website: http://www.billbarrettcorp.com
Contact: Jennifer Martin, Vice President of Investor Relations, 303-312-8155