"Traditionally Unconventional"

By Bill Barrett

KGS Technical Meeting April 24, 2003

ABSTRACT

     One of the current era's truly giant field finders, Bill Barrett, discusses those rare points in one's career where education, experience and instinct converge to uncover opportunities where none were thought to exist.

     While Bill remains a believer in significant conventional reserves in the Rockies, he notes that everyone is chasing those.  Unconventional reservoir discovery requires unconventional approaches.

     Bill will discuss precisely those instances where conditions were conducive to taking a novel approach to a particularly interesting if unconventional prospect.  He'll relate what he feels are the circumstances for taking a calculated risk that can elevate a company to a completely different level.  Bill will present not only the geologic and scientific aspects surrounding unconventional plays, but talk about land use policy and technological changes that have helped make Bill the first one through a newly-opened window of opportunity time and time again.

     It's a team effort, requiring the right mix of explorationists and entrepreneurs.  It requires a business strategy for balancing relatively low risk conventional reservoir discovery technique with the high return potential of the unconventional concept.

     Bill will relate the lessons of occasional failure in a tour of "heaven and hell and back" relating to some interesting high and low points, and talk about the technical and business teams needed to take the road less traveled. 

     After 45 years in the business and two previous retirements, Bill remains willing to try something new (like a brand new company!) and will relate some of the old stories that have become industry lore.

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BIOGRAPHY

     Lauded for awards ranging from IPAMS Wildcatter of the Year to RMAG's (Rocky Mountain Association of Geologists) Award of Outstanding Explorer to Kansas State University's Distinguished Service Award, William J. "Bill" Barrett has enjoyed a 45-year career illustrious by any measure.  The Topeka, Kansas farm boy has evidently applied the lessons of hard work, teamwork (nine siblings) and enterprise while working long hours on the family dairy farm and in the family's poultry processing business to helping create several successful independent E and P gas companies in Colorado.

     Barrett attended Kansas State University, earning his BS/MS in geology in 1957.  Following a two-year stint in the Army during the Korean War, Barrett's first foray in the energy business was with El Paso Natural Gas as a stratigrapher in their research lab in Salt Lake City.  He notes wryly that the stratigrapher's job was the only one he was offered upon his graduation.

     Barrett's penchant for prospecting was first displayed, however, through his work with Inexco Oil Co. where, as Chief Geologist, he spent the mid- to late 1960's discovering two giants- both the Highlight and Madden oil and gas fields.

     The 1970-s saw Barrett involved in helping start and grow another company- Rainbow Resources.  As VP of Exploration and company director, the company was sold for $19 a share eight years after having first been offered for 50 cents a share.

     More than 30 years after his first geology job, Barrett went solo in forming Barrett Resources in 1981.  Barrett's knack for timing paid off again, this time through his prescient positioning of the company in what turned out to be the gas-rich Parachute Grand Valley and Rulison fields, filling the vacuum left by the major oil company's abandonment of their oil shale experimentation in the area.  The privately-held company was (continued on next page)