BUZZ-Oil developer Bill Barrett slumps on planned stock offer

Thu Jun 11, 2015 1:43pm EDT
 
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** Shares of oil explorer and developer Bill Barrett Corp down 5.3 pct at $8.76

** Company on Wednesday unveiled $100 mln "at the market" stock offer program

** Under an at the market raise co will incrementally sell shares directly into secondary market over time at prevailing prices vs a traditional underwritten offering

** Company plans to use funds to accelerate development of Denver-Julesburg Basin properties in Colorado; says adding second rig will significantly boost production

** Deutsche sees share offer as good, says highlights improving productivity and economics of DJ Basin

** Bill Barrett also gave initial 2016 corporate production growth target of 10 pct to 15 pct over 2015

** Acceleration of DJ basin development may reflect gradual recovery in crude prices since March

** Company loss per share has missed analyst expectations in past five quarters, according to Thomson Reuters data (Reuters Messaging: noel.randewich.thomsonreuters.com@reuters.net)