Bill Barrett Corporation

Capex

Capital expenditures before the effect of major acquisitions or divestitures is expected to be in the region of $550-600 million in 2008

Expenditures are expected to be allocated approximately 80% for development, 10% for delineation and 10% for exploration and other and include drilling up to 500 wells. The Company is currently focusing on three core areas that provide significant lower risk, higher return development opportunities, four key exploration projects that are entering the delineation phase and several high potential exploration projects.

Future Plans

In 2008 Bill Barrett plan to:

• plan to spend between $550 million and $600 million in capital expenditures, of which
approximately 80% is designated for the company's key development properties and 20% for their exploration
and delineation portfolio;
• execute their first public market debt transaction closing in early March, with the issuance of $172.5 million in convertible notes, giving the Company an expanded, diversified and more flexible capital resource base to support our growth;
• project approximately 20% to 25% production growth from their key development projects;
• continue to build reserves in core development programs through higher density infill drilling at West Tavaputs and Piceance and their largest Powder River CBM drilling program to date; and
• target bringing the Yellow Jacket and Blacktail Ridge assets closer to development phase programs.

Production

Reserves

In addition to proved reserves, the Company estimates it has probable and possible resources of 1.4 Tcfe for total proved, probable and possible resources of approximately 2.0 Tcfe.

2007 Year-end Estimated Reserves and Production (Bcfe)

2006 year-end estimated proved reserves: 428
Divestitures, Williston and other: (42)
2007 estimated production: (61)
Reserve additions, net: 233
2007 year-end proved reserves: 558
Reserve replacement ratio: 382%
3-year average reserve replacement ratio: 306%

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