The Rockies will one day be the most important gas-producing province in the Lower 48, says Bill Barrett, chairman and chief executive of Rockies-focused Bill Barrett Corp. And, the veteran explorer expects that the Denver company will be one of the important producers in that region. Barrett's is no small voice of Rockies gas exploration experience. This is his fourth E&P company. His last start-up, Denver-based Barrett Resources Corp., was formed in 1983 and sold in 2001 to The Williams Cos. for $2.8 billion. The company had 2.1 trillion cubic feet equivalent of proved reserves, for which Shell Oil Co. initially offered $2.1 billion, upped it to $2.3 billion and then walked away when Williams stepped in. Already Barrett's newest start-up has production of some 94 million cubic feet equivalent per day (91% gas), and year-end 2004 proved reserves totaled 292.3 billion cubic feet equivalent (Bcfe). 2004 production replacement was 378%. The company expects to participate in drilling more than 360 wells this year, including more than 200 coalbed-methane wells in the Powder River Basin. First-quarter capex totaled $65.9 million, of which the majority, $57.5 million, was for drilling, development and exploration. The company's areas of operation include the Piceance, Wind River, Powder River and Williston basins. It also has interests in the Green River and Denver-Julesburg basins. This spring, it had 10 rigs at work. In the first quarter, it spud 49 wells and brought online production from 60 new wells, giving it 613 producing wells. Barrett addressed fellow producers recently at a Houston Producers' Forum program. Here is some of his advice about creating success. Cast a wide net. Exposure is the name of the game. "Those who drill the most wells generally find the most oil and gas," he said, quoting the late wildcatter Marvin Davis. Bill Barrett Corp. has identified 2,400 potential drilling locations, representing a seven-year drilling inventory, he said. With downspacing, the inventory is 14 years' worth. At year-end 2004, its net undeveloped lease position was approximately 971,000 acres. Probable reserves total 412 Bcfe from some 1,100 of the drilling locations and possible reserves total 452 Bcfe from some 800 others. Take risks. If you don't take a swing at the big reserves, you are never going to hit it big. "We like to swing for the fences," he said. This has worked for Barrett at three predecessor companies. Be first in your area. Acquire and maintain a dominant lease position in high-potential areas. Lease expenses will be lower. In some areas, Bill Barrett Corp. acquired leases at $50 an acre or less. In these same areas, other operators are paying $500 to $600. "It is a fact that people do follow us around," he said. The company's average first-quarter 2004 lease operating expense was 53 cents per thousand cubic feet equivalent (Mcfe). Costs are growing, however, even for those operators that get into a play early: the company's first-quarter 2004 lease operating costs averaged 41 cents per Mcfe. Use improved technology. For example, Bill Barrett Corp. has been using heliportable 3-D seismic drilling technology over some acreage, he said. Personnel are important. While the E&P business has become increasingly sophisticated, "it's still about creativity and motivation of talented people," he said. Have vision and integrity, and perform. These should be values for both yourself and your company, he added. Work hard. "The harder you work, the luckier you get." And, pay attention to the geology. "Geology is the one consistent thread to success." Get involved. "If you don't get into politics, someone will for you." Stick to your skill set. "Always focus on your area of expertise." Listen to your gut. His told him there was still tremendous potential left in the Rockies, and he got back into the business in 2002. So far, the company has done well for shareholders. It went public in December 2004 at $25 per share, raising $347 million net of expenses, and shares were around $30 at press time. Total and market capitalization-the company has no debt-at the time of the IPO was about $1 billion. At press time, it was about $1.3 billion-again, all equity. And, it has dry powder: some $100 million in cash and a $200-million undrawn credit facility.