Berry Petroleum Sells an Interest in Kansas Acreage.Business Editors BAKERSFIELD, Calif.--(BUSINESS WIRE)--July 22, 2003 Berry Petroleum Company (NYSE NYSE See: New York Stock Exchange :BRY) entered into a definitive agreement to sell approximately 43,000 net acres of non-producing leases located in the Forest City Basin of eastern Kansas that contain coalbed methane Coalbed methane is a form of natural gas extracted from coal beds. In recent decades it has become an important source of energy in United States, Canada, and other countries. potential to Evergreen Resources, Inc. (NYSE:EVG EVG Elektronisches Vorschaltgerät (German: Electronic Ballast) EVG Enterrement de Vie de Garçon (French) EVG Evaluator Group ). Under the agreement, Berry will receive an undisclosed amount of cash, which covers its costs in this acreage, and will retain an overriding royalty interest overriding royalty interest A third-party interest in royalty income derived from oil and gas rights. . The completion of the transaction is subject to certain conditions and there is no assurance that all conditions will be satisfied. Closing is expected in the third quarter of 2003. Jerry V. Hoffman, Chairman, President and Chief Executive Officer, stated, "Berry continues to hold a significant position in nearby acreage and intends to pursue other coalbed methane opportunities. This transaction provides us an association with an experienced coalbed methane operator and we are encouraged that Evergreen sees potential in the Forest City Basin. We believe this association will assist Berry in exploiting its position in a more timely and efficient manner." Evergreen Resources is an independent energy company engaged in the exploration, development, production, operation and acquisition of unconventional natural gas properties. Evergreen is one of the leading developers of coalbed methane reserves in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with current operations principally focused in the Raton Basin in southern Colorado. Evergreen also holds approximately 500,000 acres of prospective unconventional natural gas properties in the Forest City Basin of eastern Kansas. 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, CO 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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