Revenue during the quarter went up marginally by 1.61 percent to $50.48 million from $49.68 million in the previous year period. Gross margin for the quarter expanded 1034 basis points over the previous year period to 89.57 percent.

Operating loss for the quarter was $18.35 million, compared with an operating loss of $607.06 million in the previous year period.

Chief Executive Officer and President Scot Woodall commented, "Our team has done an excellent job of maintaining positive financial and operational momentum in a challenging environment, which translated into solid results for the third quarter. Production sales volumes were near the upper end of guidance and EBITDA was better than expected as DJ Basin oil price differentials improved and we are seeing continued improvement in costs across the spectrum. Our XRL development program resumed in September and we have spud six wells with plans to spud up to 15 gross XRL wells by the end of the year. This results in an increasing production profile as the wells begin contributing to production during 2017. We are seeing consistent results across our acreage and our operations team has incorporated several new concepts that we believe will translate into improved well performance. The XRL drilling program generates attractive economic returns in the current commodity price environment and we are pursuing further capital efficiency measures designed to improve well costs and enhance economic returns. We continue to efficiently invest our capital and expect cash flow to be in excess of capital expenditures based on current internal projections. Our liquidity remains strong with a significant cash position, an undrawn credit facility and a solid hedge position."

The company has spent $69.32 million cash to meet investing activities during the nine month period as against cash outgo of $210.36 million in the last year period. It has incurred net capital expenditure of $69.32 million on net basis during the nine month period, down 63.61 percent or $121.16 million from year ago period.

The company has spent $1.46 million cash to carry out financing activities during the nine month period as against cash outgo of $28.61 million in the last year period.

Cash and cash equivalents stood at $174.26 million as on Sep. 30, 2016, up 87.71 percent or $81.43 million from $92.84 million on Sep. 30, 2015.

Working capital increases sharply
Bill Barrett Corporation has recorded an increase in the working capital over the last year. It stood at $137.08 million as at Sep. 30, 2016, up 96.03 percent or $67.15 million from $69.93 million on Sep. 30, 2015. Current ratio was at 2.37 as on Sep. 30, 2016, up from 1.35 on Sep. 30, 2015.

Days sales outstanding went down to 43 days for the quarter compared with 85 days for the same period last year.