Berry Petroleum Co. reports a 32 percent increase in second-quarter earnings.

TAFT, Calif.--(BUSINESS WIRE)--Aug. 8, 1995--Berry Petroleum Co. (NYSE:BRY) Tuesday announced net income of $2.9 million, or 13 cents per share, on revenues of $13 million for the second quarter ended June 30, 1995, up 32 percent from first quarter earnings of $2.2 million.

This compares to a net loss of $4.7 million, or 21 cents per share, on revenues of $10.1 million for the second quarter ended June 30, 1994.

For the second quarter of 1995 the average sales price was $14.63 per barrel of oil equivalent (BOE), up 12 percent from the $13.02/BOE received in the first quarter of 1995. The company posted net income of $5.1 million, or 23 cents per share, on revenues of $24 million for the six months ended June 30, 1995.

This compared to a net loss of $5.3 million, or 24 cents per share, on revenues of $17.7 million for the six months ended June 30, 1994. The 1994 period included pre-tax special charges totaling $8.0 million.

Jerry Hoffman, president and CEO, stated: "We are pleased with our financial results for the first six months of 1995. The company is making significant progress in meeting its profitability goals. The company has drilled and completed all 48 development wells budgeted for 1995 and has increased steaming on its Midway-Sunset properties to increase the company's production rate for the remainder of the year. We continue to actively pursue our goal of achieving further growth through acquisitions. In this regard, we have added Mr. Michael Starzer as our manager of Corporate Development with his primary focus on acquisitions."

Oil and gas production averaged 9,344 BOE/day in the second quarter of 1995, up from 8,927 and 9,044 BOE/day produced in the first three months of 1995 and the first six months of 1994, respectively. In addition, operating costs per BOE for the second quarter ending June 30, 1995, declined to $5.80 from $6.05 in the quarter ended March 31, 1995, and $6.28 for the year ended Dec. 31, 1994, a decrease of 4 percent and 8 percent, respectively.

Ralph Goehring, chief financial officer, stated: "General and administrative expenses decreased 11 percent to $2.4 million in the first six months of 1995 from $2.7 million in the similar 1994 period. While oil price postings for our 13 degree gravity crude oil have declined from a high this year of $15.00/barrel to a current level of $13.50/barrel, we continue to expect strong operating results at the current price levels.

In the first six months of 1995 the company generated $7.1 million of cash flow from operating activities, up significantly from just $2.4 million a year ago. Our second quarter earnings and cash generated from operating activities would have been higher by $.5 million and $1.9 million, respectively, had it not been for an unfavorable decision rendered in May by the U.S. Tax Court regarding certain tax issues from previous years."

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

                          BERRY PETROLEUM CO.
                     Comparative Operating Results
                 (in thousands, except per-share data)

                                    Three Months ended
                                          June 30,
                                     1995         1994
                                   -------       -------
Total Revenues                     $12,968       $10,092
Net Income (Loss)                    2,876        (4,665) (a)
Net Income (Loss) per Share            .13          (.21)
Weighted Average number of
  Shares Outstanding                21,932        21,932

                                      Six Months ended
                                          June 30,
                                     1995         1994
                                   -------       -------
Total Revenues                     $23,955       $17,657
Net Income (Loss)                    5,086        (5,263) (a)(b)
Net Income (Loss) per Share            .23          (.24)
Weighted Average Number of
  Shares Outstanding                21,932        21,932

(a) Includes a pre-tax abandonment charge of $3.8 million,

impairment write-down of $2.9 million, and oil spill charge of

$1.3 million. (b) Includes a pre-tax dry hole expense of $1.4 million.

CONTACT: Berry Petroleum Co., Taft

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