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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 24, 2003
Berry Petroleum Company
(Exact name of registrant as specified in its charter)
Delaware 1-9735 77-0079387
(State or other (Commission File IRS Employer
jurisdiction of 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)
Item 5. Other Events
On April 24, 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 24, 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 24, 2003
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
Contacts: Jerry V. Hoffman, Chairman, President and CEO - -
Ralph J. Goehring, SVP & CFO
April 24, 2003 For Immediate Release
BERRY PETROLEUM COMPANY
TO ACQUIRE UINTA BASIN PROPERTIES
Bakersfield, California - Berry Petroleum Company (NYSE:BRY)
today announced that it has entered into a Purchase and Sale
Agreement with Williams Production RMT Company, a unit of Williams
(NYSE:WMB), to acquire its Brundage Canyon, Utah properties in the
Uinta Basin for approximately $49 million. The Brundage Canyon
properties, located in northeastern Utah, consist of approximately
43,500 net acres, and are currently producing approximately 2,200 net
BOE per day of light crude oil and natural gas. Berry estimates the
proved reserves at 8.6 million BOE (75% light oil and 25% natural
gas).
Jerry V. Hoffman, Chairman, President and Chief Executive
Officer, stated, "This acquisition will establish an operating
position for Berry in the Rockies, which meets one of our 2003 stated
goals, and provides the Company with geographic and reserve
diversification. The Brundage Canyon property has considerable
upside potential. Our technical personnel have identified numerous
additional drilling locations and we may drill up to 26 wells in
2003, depending upon the timing of our close with Williams. Our
objective is to build a sizeable portfolio of assets outside of
California and to diversify our heavy oil asset base. We believe the
Uinta Basin and the surrounding area offers Berry numerous
opportunities to achieve this goal through additional acquisitions
and/or through the drill bit."
The effective date of the transaction is April 1, 2003. The
completion of the transaction is subject to certain conditions and
there is no assurance that all such conditions will be satisfied.
Closing is expected in the third quarter of 2003.
Berry Petroleum Company is a publicly traded independent oil and
gas production and exploitation company with headquarters in
Bakersfield, California.
"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