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): March 19, 2007
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
1.01 Entry
into a Material Definitive Agreement
On
March
19, 2007, Berry Petroleum Company (Company) issued a news release titled
"Berry Petroleum Announces Sale of West Montalvo Assets" regarding the
registrant's entering into an
agreement with Venoco, Inc. (NYSE:VQ) on March 19, 2007 to sell its
non-core West Montalvo assets, near Ventura, California. Berry estimates
a sales
price of approximately $63 million cash before adjustments and expects to
close
the sale in the second quarter of 2007. The
completion of the transaction is subject to certain conditions and there
is no
assurance that all such conditions will be satisfied. The
news
release is attached hereto as Exhibit 99.1, which is incorporated by reference
in its entirety.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
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Exhibit
No.
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Description
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99.1
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News
Release dated March 19, 2007 titled "Berry Petroleum Announces
Sale of
West Montalvo Assets".
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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: March
22, 2007
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2
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Berry
Petroleum Company News
Contact:
Berry Petroleum Company
5201
Truxtun Ave., Ste.
300
Bakersfield,
CA 93309
1-661-616-3900
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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 Announces Sale of Its West Montalvo Assets
Bakersfield,
Calif. -- (BUSINESS WIRE) -- March 19, 2007 --
Berry
Petroleum Company (NYSE: BRY) today announced that it has entered
into an
agreement to sell its non-core West Montalvo assets, near Ventura,
California.
The Company estimates a sales price of approximately $63 million
before
adjustments and expects to close the sale in the second quarter of
2007.
Production from the property is approximately 700 barrels of oil
equivalent
(BOE) per day, which is less than 3% of current production and, as
of December
31, 2006, the property had 7 million BOE of reserves which is less
than 5% of
the 2006 year end total of 150 million BOE. The completion of the
transaction is
subject to certain conditions and there is no assurance that all
such conditions
will be satisfied.
About
Berry Petroleum Company
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,”
“expects,” and forms of those words and others indicate forward-looking
statements. Important factors which could affect actual results are
discussed in
PART
1, Item 1A. Risk Factors
of
Berry’s 2006 Form 10-K filed with the Securities and Exchange Commission,
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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