Williams acquires assets for about $285 million

The assets could represent more than 1.9 trillion cubic feet equivalent of probable and possible reserves on about 32,500 gross acres and 24,000 net acres at 10-acre spacing, Williams said.

The acquired assets increase Williams' probable and possible reserves in the Piceance Basin by more than 42 percent to 6.4 trillion cubic feet equivalent, based on Williams' year-end 2007 estimates.

Along with the reserves and acreage, the acquisition also includes gathering and treating facilities worth $35 million and 38 producing wells, Williams said.

Williams shares fell 63 cents to $38.40 in afternoon trading.