Berry Petroleum Provides Corporate Update

  Berry Petroleum Provides Corporate Update

Business Wire

DENVER -- January 31, 2013

Berry Petroleum Company (NYSE: BRY) today reported an operations update
including preliminary 2012 production and reserves data.

The following information is unaudited and preliminary. Final results will be
provided in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2012.

Average daily production by area is listed in the following table:

                    Average Daily Production for the Quarter Ended
                         (BOE/D):
Project Area             Dec 31, 2012      Sept 30,         % Change 
                                               2012
California                                                 
SMWSS                    13,070                12,720               3        %
Diatomite                3,855                 3,500                10       %
NSF                      2,130             1,925            11       %
Total California         19,055                18,145               5        %
Permian                  7,965                 6,860                16       %
Uinta                    7,500                 5,945                26       %
Gas assets               4,980             5,335            -7       %
Total                    39,500                36,285               9        %
                                                                    
Oil                      30,650                27,490               11       %
Gas                      8,850                 8,795                1        %
                                                                    

Operations
Company production averaged 39,500 BOE/D in the fourth quarter of 2012. This
was comprised of 78% oil and 22% natural gas. The Company produced an average
of 36,400 BOE/D for 2012, which was comprised of 75% oil and 25% natural gas.

Diatomite
Diatomite production increased 10% over third quarter levels and averaged
3,855 BOE/D in the fourth quarter of 2012. Production continues to increase as
the completions from the 2012 drilling program respond to steam injection and
the Company benefits from its real-time surveillance monitoring systems.

Uinta
Uinta production averaged 7,500 BOE/D in the fourth quarter of 2012. The
Company continued to experience positive results from its commingled Wasatch /
Green River vertical drilling program and is focusing on drilling locations
with higher working interest.

Permian
Permian fourth quarter production averaged 7,965 BOE/D. The Company drilled a
number of strong wells in northeastern Ector County and made operational
improvements that reduced the back pressure on some of its wells, which
provided a near term improvement in its Permian production. Early results from
Berry’s appraisal wells in Borden County were inconclusive for commercial
quantities of oil. The Company will continue to evaluate this acreage
position.

New Steam Floods
New Steam Floods production averaged 2,130 BOE/D in the fourth quarter of
2012. New thermal developments at the Company’s McKittrick 21Z and Main Camp
properties contributed to the sequential production increase.

South Midway-Sunset
Production averaged 13,070 BOE/D from the Company’s legacy assets in the
fourth quarter of 2012. Positive steam flood response in several minor
projects contributed to relatively flat sequential production.

Natural Gas
Production from the Company’s two natural gas assets totaled 4,980 BOE/D in
the fourth quarter of 2012, down 7% from the third quarter. The Company
expects production from these assets to decline by approximately 1,300 BOE/D
in 2013, compared to full year 2012 levels.

Reserves
Berry expects year-end 2012 reserves to total 276 MMBOE. This includes
additions of 38 MMBOE from its oil assets, offset by 24 MMBOE in revisions to
its natural gas assets due to the SEC’s 5-year rule and pricing. The additions
are attributed to 14 MMBOE in California including 6 MMBOE in the Diatomite,
16 MMBOE in the Uinta, and 8 MMBOE in the Permian. The Company replaced 270%
of its oil production in 2012. At year-end, the Company's proved reserve mix
was 74% oil and 26% natural gas. The reserve totals include 185 million
barrels of crude, 20 million barrels of condensate and natural gas liquids,
and 426 billion cubic feet of natural gas. Proved developed reserves increased
to 55% of total reserves from 53% in 2011.

2013 Outlook
Berry forecasts a 2013 capital budget of $500 - $600 million, which will
continue to be invested in its oil assets, and anticipates funding capital
expenditures from internally generated cash flow at current commodity prices.
The Company expects half of the capital to be allocated to California, 25% to
the Uinta, and 25% to the Permian. Berry reaffirms its expectation of growing
oil production by approximately 10 – 15% in 2013. This oil growth, when
combined with the decline of its natural gas assets and mature heavy oil
properties, will increase total company production by approximately 5 – 10% in
2013.


About Berry Petroleum Company

Berry Petroleum Company is a publicly traded independent oil and natural gas
production and exploitation company with operations in California, Texas,
Utah, and Colorado. The Company uses its web site as a channel of distribution
of material company information. Financial and other material information
regarding the Company is routinely posted on and accessible at
http://www.bry.com.

Berry Petroleum Company 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
"estimate," "expect," "would," "will," "target," "goal," "potential," and
forms of those words and others indicate forward-looking statements. These
statements include but are not limited to forward-looking statements about the
expectations of plans, strategies, objectives and anticipated financial and
operating results of the Company, including the Company's drilling program,
production, and other guidance included in this press release. These
statements are based on certain assumptions made by the Company based on
management's experience and perception of historical trends, current
conditions, anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company, which may
cause actual results to differ materially from those implied or expressed by
the forward-looking statements. Important factors which could affect actual
results are discussed in the Company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K under the
headings "Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations."

Contact:

Berry Petroleum Company
Investors and Media
Zach Dailey, 1-303-999-4071
Shawn Canaday, 1-303-999-4000
www.bry.com
 
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