Berry Petroleum Completes Sale of an Interest in Kansas Acreage.Business Editors BAKERSFIELD, Calif.--(BUSINESS WIRE)--Aug. 28, 2003 Berry Petroleum Company (NYSE NYSE See: New York Stock Exchange :BRY) announced it closed the sale of approximately 43,000 net acres of non-producing leases to Evergreen Resources, Inc. (NYSE:EVG EVG Elektronisches Vorschaltgerät (German: Electronic Ballast) EVG Enterrement de Vie de Garçon (French) EVG Evaluator Group ). The acreage, which contains coalbed methane potential and is located in the Forest City Basin of eastern Kansas, was sold for an undisclosed amount. Under the terms of the sale, Berry will retain an overriding royalty interest overriding royalty interest A third-party interest in royalty income derived from oil and gas rights. . In a separate transaction, Berry purchased approximately 2,200 net acres in the northern portion of the Green River Basin in Sublette County, Wyoming Sublette County is a county located in the U.S. state of Wyoming. It is a sparsely populated rural county in western Wyoming, along the Green River. It has an area of 4,883 square miles and a population of 5,920 as of 2000. The county seat is situated in Pinedale. , from a private party. The acreage is in the Mickleson Creek Field and Berry intends to develop this acreage to increase its natural gas production through its 2004 drilling program. Terms were not disclosed. Berry Petroleum Company is an independent oil and gas production and exploitation company headquartered in Bakersfield, California. Berry has other coalbed methane interests in Kansas, Illinois and Wyoming and recently established an office in Denver to develop a portfolio of oil and gas assets in the Rockies. "Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995:" This release may contain descriptions of the Company's expectations regarding future business activities. These forward-looking statements are made in reliance upon safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Accordingly, actual results may differ materially from those contemplated by the forward-looking statements. |
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