Berry Petroleum Co. to Acquire the Placerita Oilfield.TAFT, Calif.--(BUSINESS WIRE)--Dec. 23, 1998--Berry Petroleum Co. (NYSE NYSE See: New York Stock Exchange :BRY) announced today that it has entered into an agreement with Aera Energy LLC Aera Energy LLC (Aera) is the California-based joint venture of Shell Oil Company and Mobil Oil. Approximately 1,100 Aera employees are based in California. The company's head office is in Bakersfield, California. to acquire the Placerita, Calif., oilfield for $35 million in cash. The Placerita field, which is located 70 miles south of Bakersfield, consists of approximately 700 acres, and is currently producing approximately 2,800 net barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. of 13 degree gravity crude oil. The acquisition also includes a 42 megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt cogeneration
facility.
The effective date of the transaction is Dec. 31, 1998, and closing is expected within 30 days. The transaction is subject to certain conditions, including but not limited to the execution of a Purchase and Sale Agreement, and there is no assurance that all such conditions will be satisfied. Berry Petroleum is a publicly traded independent oil and gas production and exploration company with headquarters in Taft. |
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