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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) August 28, 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 9. Regulation FD Disclosure
On August 28, 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.
(c) Exhibits
99.1 Press Release of Berry Petroleum Company dated
August 28, 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
August 28, 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 93309-0640Internet: www.bry.com
Contacts: Jerry V. Hoffman, Chairman, President and CEO
Ralph J. Goehring, SVP & CFO
BERRY PETROLEUM CLOSES $48.6 MILLION UINTA BASIN ACQUISITION;
PROCEEDS WITH DRILLING PROGRAM
Bakersfield, CA - August 28, 2003 - Berry Petroleum Company
(NYSE:BRY) announced that it has closed the acquisition of the
Brundage Canyon, Utah properties in the Uinta Basin, with an
effective date of April 1, 2003. These assets were purchased for
$48.6 million from Williams Production RMT Company, a unit of
Williams (NYSE:WMB). The Brundage Canyon properties are currently
producing approximately 1,800 net barrels of oil equivalent (BOE)
per day of light crude oil and natural gas. These assets, located in
northeastern Utah, consist of approximately 43,500 net acres and
Berry estimates the proved reserves at 8.6 million BOE with 75% of
the total being light oil and 25% natural gas.
Jerry V. Hoffman, Chairman, President and Chief Executive
Officer, stated, "The acquisition of the Uinta Basin assets fits our
strategy of establishing a new core area in the Rocky Mountain
region. Our goal is to operate these assets as efficiently as
possible and begin development immediately. Our Denver office will
manage these assets, as well as our existing coalbed methane
prospective acreage in Kansas and Illinois. The Company continues
to evaluate additional Rocky Mountain and Mid-continent
opportunities."
Michael Duginski, Vice President of Corporate Development,
added, "Not only do the Brundage Canyon assets fulfill part of our
targeted growth for 2003, the large under-exploited acreage position
has significant upside potential. While the productive limit of the
field to the south and west has not been determined, we have
identified over 50 proved undeveloped locations and 25 behind pipe
recompletions within the productive area of the field. This
acquisition develops a foothold for Berry to continue its growth
plan in the Rockies."
Logan Magruder Joins Berry
Hoffman also announced that Logan Magruder joined Berry as its
Vice President of the Rocky Mountain and Mid-continent Region.
Magruder held similar positions with Calpine and Barrett Resources
and served in a consulting role to Berry since February 1, 2003.
Hoffman continued, "Logan has a proven operational background in the
Rockies and brings significant experience to our management team."
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Magruder commented, "I believe the Company has made an
excellent acquisition in Utah and is strongly committed to
developing a profitable portfolio of assets in the Rockies. We
intend to hit the ground running at Brundage Canyon by quickly
proceeding with a well drilling program this year with an approved
capital budget of approximately $16 million. We are targeting
operating costs of approximately $7.50 per BOE. We are staffing the
Denver office with a talented team of people to fully develop the
Brundage Canyon assets along with sourcing and evaluating other
strategic opportunities."
Berry Petroleum Company is an independent oil and gas
production and exploitation company headquartered 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.
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