Koskie

15H flare, December 24, 2008, Paradox Basin, Colorado

Photo by: Monty Shed

Koskie

15H flare, December 24, 2008, Paradox Basin, Colorado

Photo by: Monty Shed

1099

18th

Street,

Suite

2300

Denver,

Colorado

80202

303.312.8155,

fax

303.291.0420

www.billbarrettcorp.com

NYSE:

BBG

Investor Relations contact: Jennifer Martin    jmartin@billbarrettcorp.com

February 24, 2009

Fred Barrett

Chairman and CEO

Fred Barrett

Chairman and CEO

Joe Jaggers

President and COO

Joe Jaggers

President and COO

Bob Howard

CFO and Treasurer

Bob Howard

CFO and Treasurer

Fourth Quarter & Full Year 2008

Operational Update

Fourth Quarter & Full Year 2008

Operational Update

Exhibit 99.2

******

******

2

Forward –

Looking and Other Cautionary Statements

Forward –

Looking and Other Cautionary Statements

This

presentation,

and

the

conference

call

to

which

it

relates,

contains

forward-looking

statements,

including

statements

regarding

projected

results

and

future

events.

In

particular

the

Company

is:

confirming

and

updating

2009

full

year

guidance,

which

contains

projections

for

certain

2009

operational

and

financial

results;

and

providing

forward-looking

statements

regarding

the

Company’s

2009

capital

expenditure

program

and

operations

plan.

These

forward-looking

statements

are

based

on

management’s

judgment

as

of

this

date

and

include

certain

risks

and

uncertainties.

Please

refer

to

the

Company’s

Annual

Report

on

Form

10-K

for

the

year-ended

December

31,

2008,

filed

with

the

Securities

and

Exchange

Commission

on

February

24,

2009,

and

other

filings

with

the

SEC,

for

a

description

of

certain

risk

factors.

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,

exploration

drilling

and

test

results,

transportation,

processing,

availability

and

costs

of

financing

to

fund

the

Company’s

operations,

the

ability

to

receive

drilling

and

other

permits

and

regulatory

approvals,

availability

of

third

party

gathering,

market

conditions,

oil

and

gas

price

volatility,

risks

related

to

hedging

activities

including

counterparty

viability,

the

availability

and

cost

of

services

and

materials,

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,

surface

access

and

costs,

uncertainties

inherent

in

oil

and

gas

production

operations

and

estimating

reserves,

unexpected

future

capital

expenditures,

competition,

risks

associated

with

operating

in

one

major

geographic

area,

the

success

of

the

Company’s

risk

management

activities,

governmental

regulations

and

other

factors

discussed

in

the

Company’s

reports

filed

with

the

SEC.

The

Company

encourages

readers

to

consider

the

risks

and

uncertainties

associated

with

projections.

In

addition,

the

Company

assumes

no

obligation

to

publicly

revise

or

update

any

forward-looking

statements

based

on

future

events

or

circumstances.

Reserve growth, up 47% to 818 Bcfe

Reserve replacement 436%

F&D $1.76 all-in for 2009, $1.99 3-year average

Production growth, up 27% to 77.6 Bcfe

Record cash flow up 71% to $9.53 per share

Record EPS, up 298% to $2.39

Paradox Basin shale gas discovery

$339 MM year-end liquidity post 5% convertible

offering and upsized bank line

2008 Highlights

2008 Highlights

Fred Barrett –

Chairman and CEO

3

4

2008 Summary Results

2008 Summary Results

Bob Howard –

CFO and Treasurer

2008

2007

Variance

4Q '08

4Q '07

Variance

3Q '08

Variance

Production (Bcfe)

77.6

61.2

27%

20.6

17.2

20%

19.6

5%

Discretionary cash flow  (1)

-in $millions

$429.1

$248.5

73%

$101.8

$70.1

45%

$105.6

-4%

-per diluted share

$9.53

$5.56

71%

$2.28

$1.56

46%

$2.34

-3%

-per mcfe

$5.53

$4.06

36%

$4.95

$4.07

22%

$5.39

-8%

Adjusted Net Income  (2)

-in millions

$117.8

$18.6

533%

$20.7

$1.4

NM

$30.1

-31%

-per diluted share

$2.62

$0.42

524%

$0.46

$0.03

NM

$0.67

-31%

Per Mcfe

-Realized price (including hedge effects)

$7.81

$6.13

27%

$6.96

$6.19

12%

$7.86

-11%

-LOE

$0.57

$0.68

-16%

$0.58

$0.51

14%

$0.64

-9%

-Gathering and transportation expense

$0.51

$0.38

34%

$0.47

$0.46

2%

$0.52

-10%

-Production taxes

$0.57

$0.37

54%

$0.34

$0.45

-24%

$0.69

-51%

-G & A (excluding stock based comp)

$0.52

$0.52

0%

$0.50

$0.56

-11%

$0.50

0%

-Depreciation, depletion and amortization

$2.66

$2.87

-7%

$2.75

$2.73

1%

$2.53

9%

(1)  Non-GAAP measure reconciled to GAAP in the earnings release

(2) Adjusted for unrealized net hedging gains and losses, gains on property sales and impairment charges

NM = not meaningful

  (Unaudited)

4Q08 v. 3Q08

4Q08 v. 4Q07

Year 2008 v. 2007

5

Well-Positioned for 2009

Well-Positioned for 2009

Solid balance sheet

Well diversified lenders in bank line and

counterparties to hedge positions

Solid hedge program

73%-76% of production in 2009

Approximately 60% of 2010 production

Revised guidance due to delayed completions

Capex: up to $350 MM

Production growth: 8%-12%, 84-87 Bcfe

LOE: $0.60-$0.66/Mcfe

Gathering and transportation: $0.55-$0.60/Mcfe

G&A: $41-$43 MM

Bob Howard –

CFO and Treasurer

6

Natural Gas Hedges

to Regional Price Points

Natural Gas Hedges

to Regional Price Points

Bob Howard –

CFO and Treasurer

0

4

8

12

16

20

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

Gas Volume Hedged (Bcf)             Strip CIG ($/MMBtu)

Hedge Blended Floor ($/Mcf)

Q1 ‘09

Q2 ‘09

Q3 ‘09

Q4 ‘09

Q1 ‘10

Q2 ‘10

Q3 ‘10

Q4 ‘10

(Hedge volumes include basis-only swaps of 3.9 Bcfe and 11.8 Bcfe in 2009 and 2010, respectively, not included in blended floor price)

7

2008 Reserve Reconciliation

2008 Reserve Reconciliation

Total Reserve Additions: 338 Bcfe

557.6

818.3

77.6

7.3

YE 2007

YE 2008

Annual

Production

Price

Revisions

3

Acquisitions

146.4

196.2

Engineering

Revisions

Drilling

Additions

All are net Bcfe

Joe Jaggers –

President and COO

Pricing:

YE 2007 $6.04/MMBtu & $92.50/Bbl

YE 2008 $4.61/MMBtu & $41.00/Bbl

8

Finding and Development Costs

$/Mcfe

Finding and Development Costs

$/Mcfe

$2.80

$2.80

$1.83

$1.83

2006

2007

$1.76

$1.76

2008

Capital weighted

3 year rolling average

$1.99

$2.48

$3.00

Joe Jaggers –

President and COO

Increased 3P Resources to 2.9 Tcfe

Increased 3P Resources to 2.9 Tcfe

West

Tavaputs

Piceance

320

320

40 –

acre: 655 Bcfe

24

Bcfe

(Deep)

24

Bcfe

(Deep)

372

372

20 –

acre:

322 Bcfe

10 –

acre: 371 Bcfe

Powder

River

67

67

178

1,065

1,383

BTR/LC

Low Risk Resource Base

Wind

River

51

51

183

85

5

5

Reserve and resource disclosure:

The

United

States

Securities

and

Exchange

Commission

permits

oil

and

gas

companies,

in

their

filings

with

the

SEC,

to

disclose

only

proved

reserves

that

a

company

has

demonstrated

by

actual

production

or

conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as probable and possible resources, that

the SEC's

guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K for the year-ended December 31, 2008, available from

Bill

Barrett

Corporation

at

1099

18th

Street,

Suite

2300,

Denver,

CO

80202.

You

can

also

obtain

this

report

from

the

SEC

by

calling

1-800-SEC-0330

or

at

www.sec.gov

3P

Bcfe

Proved

Bcfe

20 –

acre: 384 Bcfe

Probable & Possible

Probable and possible resources predominantly due to increased density.  To date:

WTP: 36 wells on 20-acre density successfully drilled

Piceance: 108 wells on 10-acre density successfully drilled

Total:  2,898*

*Additional 4 Bcfe within minor fields

9

10

Development Update

Development Update

Uinta

Basin,

Utah

–

West

Tavaputs

One rig operating, plan to release the rig in June after 16 wells

EIS ROD delayed

Currently producing 89 MMcfe/d (net)

Piceance

Basin,

Colorado

–

Gibson

Gulch

Two rigs operating, plan 65-70 wells

Currently producing 92 MMcfe/d (net) 

Permitting complete for 2009

Powder

River

Basin,

Wyoming

–

CBM

Two rigs operating, plan 55-60 wells 

Currently producing 26 MMcfe/d (net)

Uinta

Basin,

Utah

–

Blacktail

Ridge/

Lake

Canyon

No rigs operating

Currently capable of producing 4,000 Bopd (gross)

Have 3 wells waiting on completion

Joe Jaggers –

President and COO

11

Delineation and Exploration Update

Delineation and Exploration Update

Paradox Basin, Colorado –

Yellow/Green Jacket

One rig operating, plan 14 wells

Drilled and completed 3 wells with 3 wells waiting on completion

Began production in late December from Yellow Jacket

Currently producing 2 MMcfe/d (gross)

Uinta Basin, Utah –

Hook

Completed 1

st

Juana Lopez well

Wind River Basin, Wyoming –

Cave Gulch 

Completed Bullfrog 23-6 in Lakota/Muddy, currently producing 6.5 MMcf/d

Montana Overthrust, Montana –

Circus 

Planning completion of 3 wells drilled in 2008, June through August

Bighorn Basin, Wyoming –

Red Point

Fort Union test drilled and completion planned for May

Joe Jaggers –

President and COO

12

Well-Positioned for 2009

Well-Positioned for 2009

Financially secure

Monitoring capital program to maximize returns

Continuing exploration and delineation programs

for future success

Working with new administration to advance EIS

Expected supply declines + sizable new capacity

in Rockies should improve future pricing

Solid hedge position in the interim

Focused on maximizing value of asset base

Fred Barrett –

Chairman and CEO