Berry Petroleum Co. reports 45 percent increase in nine-month earnings.

TAFT, Calif.--(BUSINESS WIRE)--Nov. 1, 1996--Berry Petroleum Co. (NYSE:BRY) Friday announced net income of $4.0 million, or 18 cents per share, on revenues of $14.0 million for the third quarter ended Sept. 30, 1996, up 18 percent from 1995 third-quarter earnings of $3.4 million.

For the nine months ended Sept. 30, 1996, net income was up 45 percent to $12.3 million, or 56 cents per share, on revenues of $40.4 million, from $8.5 million, or 39 cents per share, on revenues of $36.8 million earned in the same 1995 period.

For the third quarter of 1996, the average sales price was $14.74 per barrel of oil equivalent (BOE), down 3 percent from the $15.27/BOE received in the second quarter of 1996. For the nine-month period, the average sales price, per BOE, was up 8 percent to $14.87 from $13.75 in the same 1995 period.

Jerry Hoffman, president and CEO, said: "1996 is shaping up to be a record year for the company as measured by operating profits. Our nine-month net income of $12.3 million, coupled with our net working capital provided by operating activities of $20.1 million, is clearly achieving our financial goals.

"The current crude oil price of $17.50/bbl for heavy crude is allowing us to achieve excellent rates of return on our 1995 and 1996 capital expenditure programs. Assuming crude prices remain strong, we expect our 1997 development activity to be well above our 1996 budget of $9 million."

Oil and gas production averaged 9,782 BOE/day in the third quarter of 1996, up from 9,580 BOE/day produced in the third quarter of 1995. Operating costs were unchanged from the third quarter of 1995 at $5.19/BOE, but for the nine-month period, are down 16 percent to $4.72/BOE in 1996 from $5.65/BOE in 1995.

Ralph Goehring, chief financial officer, stated: "Our working capital is up 17 percent, or $6.2 million, to $42.7 million from $36.5 million at year-end 1995. Our continuing goal is to invest the majority of these funds into the acquisition of producing properties to increase cash flow, our rates of return and shareholder value."

Berry Petroleum is a publicly traded, independent oil and gas production and exploration company with its headquarters in Taft. -0-

                         BERRY PETROLEUM CO.
                   Comparative Operating Statistics

                            Three months ended      Nine months ended
                                 Sept. 30,              Sept. 30,
                              1996      1995         1996      1995
Net production
 -- BOE per day               9,782     9,580        9,454     9,311
Average sales price
 per BOE                    $ 14.74   $ 13.75      $ 14.87   $ 13.75
Operating costs per BOE     $  5.19   $  5.19      $  4.72   $  5.65
Depreciation/depletion
 per BOE                    $  2.01   $  2.16      $  1.98   $  2.04
General & administrative
 expenses per BOE           $  1.37   $  1.24      $  1.40   $  1.36

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                    Comparative Financial Results
                   (In 000s, except per-share data)

Three months ended Sept. 30:      1996       1995

Total revenues                 $ 14,040   $ 12,869
Net income                     $  4,012   $  3,374
Net income per share           18 cents   16 cents
Weighted average number
 of shares outstanding           21,942     21,932

Nine months ended Sept. 30:       1996       1995

Total revenues                 $ 40,369   $ 36,824
Net income                     $ 12,271   $  8,460
Net income per share           56 cents   39 cents
Weighted average number
 of shares outstanding           21,942     21,932

CONTACT: Berry Petroleum Co., Taft

Jerry V. Hoffman/Ralph J. Goehring, 805/769-8811

805/769-8960 (fax)

www.bry.com (Internet)

[e-mail] (e-mail)