Berry Petroleum Announces Discovery at Lake Canyon, Utah.BAKERSFIELD, Calif. -- Berry Petroleum Company (NYSE NYSE See: New York Stock Exchange :BRY) announced commercial drilling results from its shallow Lake Canyon Prospect in the Uinta Basin of Utah. The Nielsen Marsing and Taylor Herrick wells have tested production rates of 98 barrels of oil equivalent per day (BOE/D) and 163 BOE/D, respectively, from the same Green River formation The Green River Formation is an Eocene geologic formation that records the sedimentation in a series of intermontane lakes. The sedimentary layers were formed in a large area of interconnecting lakes, named for the present-day Green River, a tributary of the Colorado River. that is productive immediately east in the Company's Brundage Canyon field. Initial performance from these discovery wells suggests that expected reserves per well are on par with the Brundage Canyon field that is currently being developed on 40 acre spacing. Current production from the Taylor Herrick well is not at full capacity as additional facilities are in the process of being installed. Production from the Nielsen Marsing well is selectively limited to two of five completion intervals within the well and will be further optimized when natural gas facilities are completed. The Lake Canyon prospect covers 171,000 gross acres with Berry owning 56.25% working interest in the shallow zones. Ute Energy L.L.C., an affiliated company of the Ute Indian Tribe INDIAN TRIBE. A separate and distinct community or body of the aboriginal Indian race of men found in the United States. 2. Such a tribe, situated within the boundaries of a state, and exercising the powers of government and, sovereignty, under the national , owns 25% and Bill Barrett Corporation Bill Barrett Corporation is an energy company based in Denver, Colorado. Its core business is natural gas and oil exploration and development in the Rocky Mountains region of the United States. owns the remaining 18.75%. The shallow zones are those above the Wasatch which is at approximately 6,500 feet. Robert Heinemann, president and chief executive officer stated, "Our exploration efforts are proving successful, and demonstrate increased inventory in the Uinta Basin where we have the ability to leverage our existing operations and services. We have three drilling rigs under contract in the Uinta Basin to achieve our 2006 drilling activities at Brundage Canyon, Coyote Flats and Lake Canyon. We plan to drill four additional shallow Lake Canyon wells over the next several months to further delineate the prospect acreage as we construct a natural gas pipeline to service the area. We are initiating plans to accelerate the development of the Lake Canyon shallow zones in 2006." Berry Petroleum Company is a publicly traded independent oil and gas production and exploitation company with its headquarters in Bakersfield, California. Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. under the "Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 "suggests," "expected," "plan(s)" and others indicate forward-looking statements and important factors which could affect actual results are discussed in Part II of Berry's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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 Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations." |
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