Williams sells another $28 million in assets

Williams, in a continuing effort to lighten its heavy debt load, has agreed to sell $28 million worth of natural gas exploration and production properties in Colorado to Petroleum Development Corp of Bridgeport of Virginia, Williams said May 12.

Williams has now sold $447 million in exploration and production assets alone, including a single $400 million sale of U.S. properties to XTO Energy. Since the first of the year, Williams has sold or agreed to sell more than $2.6 billion in assets, including its 54.6 percent stake in Williams Energy Partners for $1.1 billion and its 5,800-mile Texas Gas Transmission natural gas pipeline for $1.05 billion.

Williams’ latest transaction, involving properties in the Denver-Julesberg basin in northeastern Colorado, is expected to close in June, the company said. The properties represent about 6,000 million cubic feet per day of gas, less than 1 percent of Williams’ proved reserves of 2.8 trillion cubic feet at year-end 2002.

The Denver-Julesberg properties were identified for sale earlier this year. The company said it continues to market other exploration properties in the Green River Basin and the Gulf Coast.