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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) July 19, 2004
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
(c) Exhibits
The following Exhibits are hereby furnished as part of this Current
Report on Form 8-K:
Exhibit 99 - Press Release dated July 19, 2004 regarding the
Registrant's announcing the acquisition of additional Uinta Basin
acreage and joint exploration and development program.
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
July 19, 2004
2
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:Robert F. Heinemann, President and CEO
Ralph J. Goehring, Executive Vice President and CFO
BERRY PETROLEUM TO ACQUIRE ADDITIONAL UINTA BASIN ACREAGE;
COMMITS TO EXPLORATION AND DEVELOPMENT PROGRAM
Bakersfield, CA, July 19, 2004 - Berry Petroleum Company (NYSE:BRY)
announced that it and an industry partner have entered into a joint
Exploration and Development Agreement with the Ute Indian Tribe to
explore and develop approximately 125,000 prospective acres of tribal
lands in the Uinta Basin in Utah. The Company also agreed to
purchase an interest in 46,000 acres of fee lands adjacent to or near
the tribal acreage. This 171,000 acre block (over 265 square miles)
is located immediately west of the Company's Brundage Canyon field.
Berry is currently producing approximately 4,500 barrels of oil
equivalent per day from this field, according to Bob Heinemann,
president and chief executive officer.
Berry and its partners will develop a plan to test the total acreage
and Berry will operate the shallow horizons down to approximately
6,500 feet. Berry's ownership will be up to 75% in these zones.
Natural gas potential will be the focus of the deeper horizons,
primarily in the Wasatch and Mesaverde sections, and Berry will
participate up to 25% in the development of these deeper zones. The
Ute Indian Tribe plans to participate in both the shallow and deep
programs with a working interest of 25%.
Heinemann continued, "This acquisition is an excellent strategic fit
as it builds on our Brundage Canyon asset and leverages our
capabilities. It increases the potential for the discovery of
additional light oil and natural gas in our core area and enhances
our ongoing relationship with the Ute Tribe. We believe this joint
development will be very significant for our Company."
Michael Duginski, senior vice president of Corporate Development,
stated, "With this acquisition, we have clearly strengthened our
diversification into the Rockies. The initial drilling program will
begin in 2004 and we expect a significant increase in drilling in
2005. A successful development program could make this a legacy
asset for Berry."
Logan Magruder, senior vice president of the Rocky Mountain and Mid-
Continent Region, added, "We are fortunate to make an acquisition
adjacent to our existing operation. We believe the horizons we are
targeting in the shallow development will be a continuation of our
productive Green River zones on the Brundage Canyon property. This
joint development on an additional 171,000 acres enables us to
position the Company for growth in a natural gas prone area."
The effective date of the transaction is July 13, 2004. The
completion of the transaction, which is expected in the third quarter
of 2004, is subject to certain conditions and approvals and there are
no assurances that all such conditions will be satisfied.
"Safe harbor under the Private Securities Litigation Reform Act of
1995:"With the exception of historical information, the matters
discussed in this news release are forward-looking statements that
involve risks and uncertainties. Although the Company believes that
its expectations are based on reasonable assumptions, it can give no
assurance that its goals will be achieved. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements herein include, but are not limited to,
the timing and extent of changes in commodity prices for oil, gas and
electricity, a limited marketplace for electricity sales within
California, counterparty risk, competition, environmental risks,
litigation uncertainties, drilling, development and operating risks,
the availability of drilling rigs and other support services,
legislative and/or judicial decisions and other government
regulations.
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