Berry Petroleum Company Concludes Litigation and Announces Acquisition.Business Editors TAFT, Calif.--(BUSINESS WIRE)--March 29, 2000 Berry Petroleum Company (NYSE NYSE See: New York Stock Exchange :BRY) recently concluded its participation in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. in which the Company was a defendant that had been in a jury trial in the Los Angeles Superior Court. The Company terminated its participation by obtaining a complete dismissal and by acquiring a lease immediately adjacent to the Company's Placerita oilfield from the plaintiff for $3 million cash. Jerry V. Hoffman, Chairman, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated: "The Castruccio lease is immediately adjacent to the heart of the Placerita oilfield that Berry has been operating since early 1999. The future development of this lease, which is currently not producing, will be integrated into our existing Placerita development plan and ongoing operations. We estimate the proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. of the Castruccio lease to be at least 2.5 million barrels of heavy crude oil Heavy crude oil or Extra Heavy oil is any type of crude oil which does not flow easily. It is a relative term, compared to light crude oil, but relates to specific technical issues of its own on production, transportation, and refining. ." Berry Petroleum Company is a publicly traded independent oil and gas production and exploitation company with its headquarters in Taft, Calif. |
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