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 19, 2009
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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1999 BROADWAY, SUITE 3700,
DENVER, COLORADO
(Address
of Principal Executive Offices)
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80202
(Zip
Code)
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Registrant’s
telephone number, including area code: (303) 999-4400
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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Item
1.01 Entry Into a Material Definitive Agreement
On May
19, 2009, Berry Petroleum Company (NYSE:BRY) (“Company”) entered into an
agreement to sell its East Texas gas gathering system to Velocity East
Texas Gathering, LLC for $18.5 million in cash. The Company will enter into a
concurrent long-term gas gathering agreement for its East Texas
production. The transaction is expected to close in June 2009. 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
8.01 - Other Events
The
Company also announced that its board of directors has authorized a $32
million increase to its 2009 capital budget, now totaling approximately $132
million.
Item
9.01 Financial Statements and Exhibits
(d)
Exhibits
99.1 -
News Release by Berry Petroleum Company dated May 20, 2009, titled "Berry
Petroleum Agrees to Sell East Texas Midstream Assets."
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
19, 2009
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Berry Petroleum Company News
Berry
Petroleum Company
1999 Broadway, Suite
3700
Denver, CO
80202
303-999-4400
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Contacts:
David Wolf 303-999-4400 Todd Crabtree
866-472-8279
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Berry
Petroleum Agrees to Sell East Texas Midstream Assets
Increases
2009 Capital Budget to $132 million
Denver – (BUSINESS WIRE) – May 20,
2009 -- Berry Petroleum Company (NYSE:BRY) (“Company”) today announced
that it has entered into an agreement to sell its East Texas gas gathering
system to a private party for $18.5 million in cash. The Company will enter into
a concurrent long-term gas gathering agreement for its East Texas
production. The transaction is expected to close in June 2009. The
completion of the transaction is subject to certain conditions and there is no
assurance that all such conditions will be satisfied.
In
addition, the Company announced that its board of directors has authorized a $32
million increase to its 2009 capital budget now totaling approximately $132
million.
Mr.
Heinemann, president and chief executive officer said, “Our significantly
improved financial position has enabled us to allocate more capital to our
highest rate of return projects. Proceeds from the sale of the East Texas
midstream asset will partially offset the increase in our capital
spending. We continue to project that debt repayment for the balance
of the year will be approximately $60 million.”
About
Berry Petroleum Company
Berry
Petroleum Company is a publicly traded independent oil and gas production and
exploitation company with operations in California, Utah, Colorado and
Texas.
The
Company uses its web site as a channel of distribution of material company
information. Financial and other material information regarding the
Company is routinely posted on and accessible at http://www.bry.com/index.php?page=investor.
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
"expected," "project," 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 2008 Form 10-K filed
with the Securities and Exchange Commission on February 25, 2009 under the
heading "Other Factors Affecting the Company's Business and Financial Results,”
and updated in the Company’s Form 10-Q filings subsequent to that
date.
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