Form 8-K filed by Berry Petroleum on 03-22-07 regarding the 03-19-07 announcement of the sale of the registrants Montalvo assets



 
 
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)
 
 
 
 
 
DELAWARE
(State or Other Jurisdiction of
Incorporation or Organization)
 
1-9735
(Commission File Number)
 
77-0079387
(IRS Employer
Identification Number)

 
 
 
5201 TRUXTUN AVE., STE. 300, BAKERSFIELD, CA
(Address of Principal Executive Offices)
 
93309
(Zip Code)
 
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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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
 
       
Exhibit No.
 
Description
 
99.1
 
 
News Release dated March 19, 2007 titled "Berry Petroleum Announces Sale of West Montalvo 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.
 
 
 
 
 
 
 
BERRY PETROLEUM COMPANY
 
 
 
By:  
/s/ Kenneth A. Olson
 
 
 
Kenneth A. Olson
 
 
 
Corporate Secretary
 
 
 
Date: March 22, 2007
 
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Exhibit 99.1 - News Release dated 03-19-07 entitled "Berry Petroleum Announces Sale of Its West Montalvo Assets"


 
 
 
Berry Petroleum Company News
Contact: Berry Petroleum Company
5201 Truxtun Ave., Ste. 300
Bakersfield, CA 93309
1-661-616-3900
 
Contacts: Robert F. Heinemann, President and CEO - - Ralph J. Goehring, Executive Vice President and CFO

 
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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