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): August 22, 2006 (August 22, 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 August
22, 2006, Berry
Petroleum Company distributed a news release stating that Berry
Petroleum Company's board of directors has
authorized a $43 million increase to its 2006 capital budget to $275 million,
up
19% from the previous budget of $232 million. The board also authorized an
increase of $.04 per share in its annual dividend and a special cash dividend
of
$0.02 per share, resulting in a total dividend of $.30 per share in
2006.
In
addition, with
the increased budget and two recent Piceance Basin
acquisitions, Berry is targeting an increase in 2006 year-end
proved reserves of 20 to 25 million barrels of oil equivalent (BOE)
after annual production, resulting in proved reserves in excess of 146
million BOE
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 August 22, 2006,
titled "Berry
Petroleum Increases 2006 Capital Budget, Announces Dividend Increase
And
Projected Year-End Reserves."
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: August
22, 2006
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2
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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 INCREASES 2006 CAPITAL BUDGET, ANNOUNCES DIVIDEND INCREASE
AND
PROJECTED YEAR-END RESERVES
Bakersfield,
CA - August 22, 2006
- Berry
Petroleum Company (NYSE:BRY) announced that its board of directors
has
authorized a $43 million increase to its 2006 capital budget to $275
million, up
19% from the previous budget of $232 million. The board also authorized
an
increase of $.04 per share in its annual dividend and a special cash
dividend of
$0.02 per share, resulting in a total dividend of $.30 per share in
2006,
according to Robert F. Heinemann, president and chief executive officer.
2006
Capital Budget and Reserve Update
Mr.
Heinemann said, “The $43 million increase in the 2006 budget will fund 50
additional wells and 11 workovers in California, 27 additional wells
and 95
workovers in the Rockies, various facilities, increased costs and other
capital
expenditures. For 2006 we are drilling over 500 wells, up from 234
wells last
year. Our goal is to reinvest our increasing cash flow into our extensive
development opportunities and accelerate production. With the additional
budget
and our two Piceance Basin acquisitions, we are targeting an increase
in our
2006 year-end proved reserves of 20 to 25 million barrels of oil equivalent
(BOE) after our annual production, resulting in proved reserves in
excess of 146
million BOE.”
Regular
Quarterly Dividend Increased by 15%
The
regular quarterly dividend is being increased by 15%, from $.065 to
$.075 per
share, beginning with the September 2006 dividend. The regular quarterly
dividend, along with the special dividend of $.02 per share, will be
paid on
September 29, 2006 to shareholders of record on September 13, 2006.
The total
dividend payable on September 29, 2006 will be $.095 per share.
Mr.
Heinemann added, “This is the fourth consecutive year that we have increased our
regular quarterly dividend and have distributed a special dividend.
This action
should result in a total payout in 2006 of $.30 per share. The Company
continues
to deliver powerful results to our shareholders.”
Berry
Petroleum Company is a publicly traded independent oil and gas production
and
exploitation company with 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
“goal,” “will,” “achieve,” “targeting,” “should,” 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 2005 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” as updated in PART
II, Item 1A. Risk Factors
of
Berry’s June 30, 2006 Form 10-Q filed on August 9, 2006.
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