We are a California-based independent upstream energy company engaged primarily in the development and production of conventional oil reserves located in the western United States.

Berry Petroleum Assets

(111,785 net acres)


Company Summary — We are a value-driven, independent oil and natural gas company engaged primarily in the development and production of conventional reserves located in the western United States, including California, Utah and Colorado. We target onshore, low-cost, low-risk, oil-rich basins, such as the San Joaquin basin of California and the Uinta basin of Utah. The Company’s assets are characterized by:

  • high oil content with production consisting of approximately 83% oil;
  • long-lived reserves with low and predictable production decline rates;
  • an extensive inventory of low-risk development drilling opportunities with attractive full-cycle economics;
  • a stable and predictable development and production cost structure; and
  • favorable Brent-influenced crude oil pricing dynamics.

Our asset base is concentrated in the San Joaquin basin in California, which has over 100 years of production history and substantial remaining original oil in place. We focus on conventional, shallow reservoirs, the drilling and completion of which are low-cost in contrast to modern unconventional resource plays. Our decades-old proven completion techniques include cyclic or continuous steam injection (“steamflood”) and low-volume fracture stimulation.

We focus on enhancing our production, improving drilling and completion techniques, controlling costs and maximizing the ultimate recovery of hydrocarbons from our assets, with the goal of generating top-tier returns. We seek to fund repeatable organic production and reserves growth through the use of internally generated free cash flow from operations after debt service, or levered free cash flow, while also maintaining ample liquidity and a conservative financial leverage profile.

As of November 30, 2017, we had estimated proved reserves of 141,838 MBoe, of which approximately 57% were proved developed producing reserves and approximately 66% of total proved reserves were located in California. For the three months ended September 30, 2017, pro forma for the Hugoton Disposition and the Hill Acquisition (each as defined below), we had average production of approximately 27.0 MBoe/d, of which approximately 82% was oil.


(7,865 net acres)


San Joaquin and East Ventura Basins — Our California operating area consists of properties located in Midway-Sunset, South Belridge, McKittrick and Poso Creek fields in the San Joaquin basin in Kern County, as well as the Placerita Field in the Ventura basin in Los Angeles County. The Company’s properties in this region are primarily mature, low-decline oil wells. The producing areas in our Southeast San Joaquin operations include: (i) our Midway-Sunset, Homebase, Formax and Ethel D leases, which are long-life, low-decline, strong-margin oil properties with additional development opportunities; (ii) our Poso Creek property, which is an active mature steamflood asset that we continue to develop across the property; and (iii) our Placerita property, which is a mature steamflood asset with additional recompletion opportunities. The producing areas in our Northwest San Joaquin operations include: (i) our McKittrick Field 21Z property, which is a new steamflood development with potential for infill and extension drilling; (ii) our South Belridge Field Hill property, which is characterized by two known reservoirs with low geological risk containing a significant number of drilling prospects, including downspacing opportunities, as well as additional steamflood opportunities; and of which we purchased the remaining approximately 84% working interest in the third quarter of 2017; (iii) our thermal Diatomite Midway-Sunset properties, where we utilize innovative EOR techniques to unlock significant value and maximize recoveries; and (iv) our sandstone Midway-Sunset properties, where we use cyclic and continuous steam injection to develop these known reservoirs.


(95,912 net acres)


Uinta Basin — Our Uinta basin operations in the Brundage Canyon, Ashley Forest and Lake Canyon areas target the Green River and Wasatch formations that produce oil and natural gas at depths ranging from 5,000 feet to 8,000 feet. We have extensive infrastructure and available takeaway capacity in place to support additional development along with existing gas transportation contracts. Rejection of an oil sales contract and various transportation contracts in connection with our predecessor company’s bankruptcy restructuring resulted in significantly improved sales net of royalties, production and transportation expenses. We have a natural gas gathering systems consisting of approximately 500 miles of pipeline and associated compression and metering facilities that connect to numerous sales outlets in the area.


(8,008 net acres)


Piceance Basin — The Piceance basin is located in northwestern Colorado and is a low geologic risk gas play with trillions of cubic feet of natural gas in place. Natural gas generated from coals and carbonaceous shales in the Upper Cretaceous Mesaverde Group migrated into low permeability Mesaverde Group fluvial sandstones resulting in a basin-centered gas accumulation, or what the U.S. Geological Survey terms a “continuous petroleum accumulation.” Operators recognized for years that the Mesaverde Group, and the Williams Fork formation in particular, contained significant quantities of gas over a large area, but the low permeability of the reservoir sandstones made it difficult to complete economic wells. Improvements in hydraulic fracture design and completion fluids in the 1990s and 2000s, coupled with an increase in commodity prices, led to the economic development of the gas resources in the Piceance basin. Our primary operating areas in the Piceance basin are Garden Gulch and North Parachute where we target the Williams Fork formation of the Mesaverde Group and produce at depths ranging from 7,500 feet to 12,500 feet.