SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 8, 2003
Berry Petroleum Company
(Exact name of registrant as specified in its charter)
Delaware 1-9735 77-0079387
(State or other (Commission IRS Employer
jurisdiction of File Number) Identification No.
incorporation)
5201 Truxtun Avenue, Suite 300 Bakersfield, CA 93309
(Address of principal executive offices)
Registrant's telephone number, including area code (661) 616-3900
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
On April 8, 2003, Berry Petroleum Company, a Delaware
corporation, issued a press release, a copy of which is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7. Financial Statements, Proforma Financial Information
and Exhibits
(c) Exhibits
99.1 Press Release of Berry Petroleum Company dated
April 8, 2003.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
BERRY PETROLEUM COMPANY
By /s/ Kenneth A. Olson
Name: Kenneth A. Olson
Title: Corporate Secretary
and Treasurer
April 8, 2003
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News Release
Berry Petroleum Company Phone (661) 616-3900
5201 Truxtun Avenue, Suite 300 E-mail: ir@bry.com
Bakersfield, California 93309-0640
Internet:www.bry.com NYSE:BRY
Contacts: Jerry V. Hoffman, Chairman, President & CEO
Ralph J. Goehring, Senior Vice President & CFO
April 8, 2003 For Immediate Release
BERRY PETROLEUM COMPANY ANNOUNCES A
10% DIVIDEND INCREASE AND A 10% SPECIAL DIVIDEND
Bakersfield, California - Berry Petroleum Company (NYSE:BRY)
today announced that its Board of Directors has authorized a 10%
increase in its quarterly dividend and a special dividend of $.04
per share. The Company has approximately 21.8 million shares
presently outstanding.
The special dividend of $.04 per share will be paid on May 2,
2003 to shareholders of record on April 18, 2003. The regular
quarterly dividend is being increased by 10%, from $.10 to $.11 per
share, beginning with the June 2003 dividend and is payable on June
27, 2003 to shareholders of record on June 12, 2003.
Jerry Hoffman, Chairman, President and Chief Executive Officer
stated, "We believe our shares provide an excellent investment
opportunity as we have delivered consistent strong rates of return on
equity, with a three year average of 18%, and on capital employed,
with a three year average of 21%. The Company has increased its
earnings and revenues significantly in the last several years and the
Company is anticipating another strong year in 2003. These results
have enabled the Company to return a portion of the increased cash
flow to our shareholders in the form of a one-time special dividend
and a dividend increase. We continue to actively pursue acquisition
opportunities, and we believe this dividend increase will not impact
our growth activities."
Berry Petroleum Company is a publicly traded independent oil and
gas production company with approximately 101.7 million barrels of
proved reserves at year end 2002 and nearly 100 megawatts of
electrical generating capacity.
"Safe harbor under the Private Securities Litigation Reform Act of
1995:" This release may contain descriptions of the Company's
expectations regarding future business activities. These forward-
looking statements are made in reliance upon safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Accordingly,
actual results may differ materially from those contemplated by the
forward-looking statements.
Exhibit 99.1