The Brundage Canyon properties are currently producing approximately 1,800 net barrels of oil equivalent (BOE) per day of light crude oil and natural gas. These assets, located in northeastern Utah, consist of approximately 43,500 net acres and Berry estimates the proved reserves at 8.6 million BOE with 75% of the total being light oil and 25% natural gas.
Jerry V. Hoffman, Chairman, President and Chief Executive Officer, stated, "The acquisition of the Uinta Basin assets fits our strategy of establishing a new core area in the Rocky Mountain region. Our goal is to operate these assets as efficiently as possible and begin development immediately. Our Denver office will manage these assets, as well as our existing coalbed methane prospective acreage in Kansas and Illinois. The Company continues to evaluate additional Rocky Mountain and Mid-continent opportunities."
Michael Duginski, Vice President of Corporate Development, added, "Not only do the Brundage Canyon assets fulfill part of our targeted growth for 2003, the large under-exploited acreage position has significant upside potential. While the productive limit of the field to the south and west has not been determined, we have identified over 50 proved undeveloped locations and 25 behind pipe recompletions within the productive area of the field. This acquisition develops a foothold for Berry to continue its growth plan in the Rockies."
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