2010-03-11-2010-02-25

To acquire 3,200 acres in TX Permian Basin, gaining 2 MMBOE proved.

Berry Petroleum Co., Denver, (NYSE: BRY) plans to acquire West Texas interests in Midland County from an undisclosed seller for $14 million.

The assets include a 99% working interest in additional 3,200 gross acres. Proved reserves are approximately 2 million barrels of oil equivalent, based on internal estimates, from 22 producing wells. Upside includes an additional 34 drilling locations on 40-acre spacing.

Berry has hired an asset manager based in Midland, Texas, and is beginning to fill out its Permian asset team. "We are focused on acquiring additional acreage and reserves in the Permian," says Robert F. Heinemann, Berry president and chief executive.