Berry to Divest West Montalvo Assets
Berry Petroleum Co. has entered into an agreement to sell its non-core West Montalvo assets, near Ventura, California.
Berry 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.
Berry Petroleum Company is a publicly traded independent oil and gas production and exploitation company with its headquarters in Bakersfield, California.
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