UPDATE 1-Bill Barrett buys acreage in Piceance Basin

* Announces acquisition of Piceance Basin acreage

* Sees deal to add more than 2 tcfe to current resources

June 15 (Reuters) - Bill Barrett Corp (BBG.N) said it acquired leasehold acres in Cottonwood Gulch, Piceance Basin, which will help the company more than triple its current resource estimates in the basin.

The deal, which cost the company $60 million, will provide 90 percent working interest in about 40,300 undeveloped leasehold acres in Cottonwood Gulch, the company said.

The company, which expects to start development next year, said it will "pursue phased development scenario consistent with recommendations from other stakeholders."

Bill Barrett, which currently produces about 100 million cubic feet equivalent per day from Gibson Gulch, expects to add more than 2 trillion cubic feet equivalent (Tcfe) to probable and possible resources from the acquisition.

The leasehold acquisition was financed through borrowings under bank line of credit and is in addition to an earlier announced 2009 capital expenditure budget of $350 million, the company said.

The company expects to maintain adequate liquidity of at least $250 million under its credit facility to support its on-going exploration and development activities.

Shares of the Denver-based company closed at $33.22 Monday on the New York Stock Exchange. (Reporting by Archana Shankar in Bangalore; Editing by Jarshad Kakkrakandy)