Berry Petroleum Co. reports a 31% increase in third quarter earnings.

TAFT, Calif.--(BUSINESS WIRE)--Oct. 30, 1995--Berry Petroleum Co. (NYSE:BRY) Monday announced net income of $3.4 million, or 16 cents per share, on revenues of $12.9 million for the third quarter ended Sept. 30, 1995, up 31% from 1994 third quarter earnings of $2.6 million and up 17% from $2.9 million, or 13 cents per share, for the second quarter ended June 30, 1995.

For the third quarter of 1995 the average sales price was $13.75 per barrel of oil equivalent (BOE), down 6% from the $14.63/BOE received in the second quarter of 1995. The company posted net income of $8.5 million, or 39 cents per share, on revenues of $36.8 million for the nine months ended Sept. 30, 1995. This compared with a net loss of $2.7 million, or 12 cents per share, on revenues of $29.6 million for the nine months ended Sept. 30, 1994.

Jerry Hoffman, president and CEO, stated: "Our improved profitability continued in the third quarter. We accomplished a significant reduction to our cost structure by acquiring the remaining 55% interest in the cogeneration facility which provides steam to our South Midway-Sunset properties. Our operating costs per BOE for the third quarter ended Sept. 30, 1995 fell to $5.19 from $5.80 in the quarter ended June 30, 1995 and from $6.28 for the year ended Dec. 31, 1994, a decrease of 11% and 17%, respectively. Of note, operating costs in our core South Midway-Sunset field have fallen below $4 per barrel."

Oil and gas production averaged 9,580 BOE/day in the third quarter of 1995, up from 9,344 and 9,245 BOE/day produced in the second quarter of 1995 and the first nine months of 1994, respectively. General and administrative costs decreased 5% to $3.5 million in the first nine months of 1995 from $3.7 million in the similar 1994 period.

Ralph Goehring, chief financial officer, stated: "Our average pre-tax operating cash flow for the third quarter of 1995 was $7.32 per barrel compared with $3.82 per barrel for 1994. This dramatic increase in cash flow is primarily due to higher oil prices, the purchase of the cogeneration facility and our cost reduction efforts begun in 1994."

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 Results
                      (000s except per share data)

                                                 1995       1994

Three Months Ended Sept. 30

Total revenues                                 $12,869    $11,952
Net income (loss)                              $ 3,374    $ 2,609
Net income (loss) per share                   16 cents   12 cents
Weighted average number of shares outstanding   21,932     21,932

Nine Months Ended Sept. 30

Total revenues                                 $36,824    $29,609
Net income (loss)                              $ 8,460    $(2,654)/a
Net income (loss) per share                   39 cents   12 cents
Weighted average number of shares outstanding   21,932     21,932

Note a: Includes a pre-tax abandonment and impairment charge of
        $9.4 million.

CONTACT: Berry Petroleum Co.

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

fax, 805/769-8960