UNITED
STATES
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): May 3, 2006 (May 3, 2006)
BERRY
PETROLEUM COMPANY
(Exact
Name of Registrant as Specified in its Charter)
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DELAWARE
(State
or Other Jurisdiction of
Incorporation
or Organization)
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1-9735
(Commission
File Number)
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77-0079387
(IRS
Employer
Identification
Number)
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5201
TRUXTUN AVE., STE. 300, BAKERSFIELD, CA
(Address
of Principal Executive Offices)
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93309
(Zip
Code)
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Registrant’s
telephone number, including area code: (661)
616-3900
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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1
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Item 7.01 Regulation
FD
On May
3, 2006, Berry
Petroleum Company distributed a news release that updated the
appraisal drilling at the Coyote Flats prospect in Utah.
The
information in this Current Report on Form 8-K and Exhibit 99.1 is being
furnished and shall not be deemed "filed" for the purposes of Section
18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to
the
liabilities of that Section.
Item
9.01 Financial Statements and Exhibits
(c)
Exhibits
99.1
- News Release by Berry Petroleum Company dated May 3, 2006, titled
"Berry Petroleum Provides Update On Coyote Flats Appraisal" announcing
the
Registrant's recent results of drilling at the Coyote Flats prospect
in
Utah.
SIGNATURES
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 hereto
duly authorized.
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BERRY
PETROLEUM COMPANY
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By:
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/s/
Kenneth A. Olson
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Kenneth
A. Olson
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Corporate
Secretary
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Date: May
3, 2006
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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
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Contacts:
Robert F. Heinemann, President and CEO - - Ralph J. Goehring, Executive
Vice President and CFO
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BERRY
PETROLEUM PROVIDES UPDATE ON COYOTE FLATS APPRAISAL
Bakersfield,
CA - May 3, 2006
- Berry
Petroleum Company (NYSE:BRY) has determined that two appraisal wells
drilled on
the Coyote Flats prospect (Utah) in late 2005 will be commercial based
on recent
testing and evaluation of the wells. These two wells located on the eastern
portion of the acreage were completed in the Ferron sandstone and have
recently
tested at flow rates of over 900 thousand cubic feet of gas per day (Mcf/D).
These rates and well logs are similar to the 2003 discovery well, the
Scofield
Thorpe 22-41, which tested at a peak rate of 1.1 million cubic feet of
gas per
day (MMcf/D). The Company drilled two wells in the first quarter of 2006
which
it determined were dry holes; the Scofield Christiansen 8-23 well that
tested
the acreage west of the Scofield reservoir and the Scofield Thorpe 26-43
well
that was the first test of the Emery coals. The Company estimates this
charge at
approximately $5 million pre-tax, which will be incurred in the first
quarter of
2006.
Robert
Heinemann, president and chief executive officer stated, “We are encouraged that
the eastern portion of the acreage continues to exhibit the same rock
characteristics of the discovery well that was of original interest to
us in
this prospect. We are planning the construction of a 13 mile gas pipeline
to
transport the gas to a sales point and anticipate sales will begin in
the third
quarter. To better delineate the areal extent of the Ferron and to improve
our
drilling success rate, we are designing a 15.5 square mile 3D seismic
survey of
the most promising acreage. We have now completed five of our nine-well
drilling
commitment under our drill-to-earn agreement.”
Berry
Petroleum Company is a publicly traded independent oil and gas production
and
exploitation company with its headquarters in Bakersfield,
California.
Safe
harbor under the “Private Securities Litigation Reform Act of
1995”
Any
statements in this news release that are not historical facts are
forward-looking statements that involve risks and uncertainties. Words
such as
“estimates,” “planning,” “anticipate,” “will,” and forms of those words indicate
forward-looking statements. Important factors that could affect actual
results
are discussed in Berry’s 2005 Form 10-K filed with the Securities and Exchange
Commission in
PART
1, Item 1A. Risk Factors,
under
the heading “Other Factors Affecting the Company's Business and Financial
Results” in the section titled “Management’s Discussion and Analysis of
Financial Condition and Results of Operations.”
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