B E R R Y P E T R O L E U M C O M PA N Y Berry Petroleum Company - 1999 Broadway, Ste. 3700 Denver CO, 80202 M A R C H 2 0 1 2 C O M P A N Y U www.bry.com P D A T E - 303-999-4400 - IR 1-866-472-8279 1 BERRY PETROLEUM COMPANY…
Company Profile Development Capital Invested in 3 Oil Basins Key Statistics Uinta Acquired in 2003 Proved Reserves 275 MMBOE Production from the Green River/Uteland Butte and % Proved Developed 53% Wasatch Running 3 rigs in…
Track Record of Growth Investing in Oil Assets to Grow Production, Margin and Cash Flow Per Share Grow Production Double Digit Improve Operating Margin/BOE to over 50/BOE 10% CAGR Natural Gas Assets /BOE BOED Oil…
Berrys California Assets 500 MM Barrels of Oil in Place Under Development Poso Creek McKittrick 21Z One of 5 early stage Steam Floods N. Midway Diatomite Berrys largest development project S. Midway- Sunset Berrys…
California Crude Oil Fundamentals WTI vs. Midway-Sunset Crude Pricing CA Gross Operated Oil Production (MBbl/D) 2008 2011 120.00 MWSS Chevron 185 160 110.00 /Barrel Aera (Shell/Exxon) 165 146 100.00 Oxy 65 69 90.00…
California and Permian Drive Corporate Margins Illustrative Estimated Operating Margins at 90 WTI Commentary Wolfberry and California assets have strong margins with complimentary Realized price: 95 characteristics Current premium…
S. Midway-Sunset Free Cash Flow Funds Berrys Development Asset Highlights S. Midway-Sunset Field Map Stable production from the 4th largest field in the U.S. S. Midway 8,000 BOPD from 2,000 acres, 95% working interest, 94% NRI…
Diatomite Resource 360 Million Barrels in Place on 540 acres Asset Highlights Diatomite Field Map 540 acres, 100% working interest, 90% NRI Approximately 350 wells drilled through McKittrick 2011 with full development of 1,000…
Diatomite Resource Shallow Wells Target Thick Pay Natural Fractures 500 Opal A Potter 1000 Opal CT 1500 10 BERRY PETROLEUM COMPANY March 2012 Focusing on OIL GROWTH
Diatomite Reservoir is Performing Maximizing Online Completions Commentary Illustrative Diatomite Completion Performance Completions in the diatomite are performing on the type curve at approximately 20 BOPD Project approval…
Next Generation Heavy Oil Projects Commentary Project Locator Map Next generation heavy oil projects are higher viscosity with higher steam to oil ratio and tighter spacing than traditional Midway-Sunset developments 50-well…
Uinta Assets Overview Asset Highlights Uinta Basin Map Acquired in 2003 and 2004 with 51,000 net acres in Brundage Canyon with 100% WI and 174,000 gross acres in Lake Canyon with 42.6% average WI 500 Producing wells on 40-acre…
Uinta Resource Multiple Targets Across Large Acreage Position 75 MMBOE of risked resource in the Green River, Uteland Butte Acreage Summary and Wasatch which includes 11 MMBOE of proved developed Average Prospective Acres reserves…
Uteland Butte Horizontal Development Uteland Butte is consistent throughout Berrys acreage position Nine wells completed to date with encouraging results Planning to drill additional horizontals in 2012 Uteland Butte Horizontal…
Wasatch Resource Development Individual Wasatch completions have average IPs of 100 BOED compared to Uteland Butte vertical completions of 85 BOED at Brundage Canyon. Deepening of existing Brundage Canyon wells to the Wasatch shows…
Berrys Wolfberry Assets Commentary Permian Asset Locator Map Total of 42,000 net acres in the Permian, 75% NRI Wolfcamp Trend Plan to run five rigs in 2012 Expect production to grow to 9,000 BOED over the next four years from…
Permian Performance Wells Performing on Type Curve Berrys wells in the Northwest Wolfberry are generally 80% liquids Each of Berrys Wolfberry asset areas are performing on their respective type curves Expected EURs range from 145…
Natural Gas Assets Consumption Reduces Sensitivity to Natural Gas Prices Commentary Natural Gas Balance Berry consumes over 50,000 MMBtu/d to 90,000 produce steam in California which offsets Berrys gas production 60,000 In 2012,…
Oil Hedge Positions 2012 Oil Hedges As of December 31, 2011, approximately 70% of oil Bbl/D WTI Price production for 2012 and 40% for 2013 is hedged using 3- 1,000 70/85/92 2,000 70/80/83 way collars 2,000 75/90/100 Berrys oil…
Pro Forma Capitalization Commentary Pro Forma Capitalization and Liquidity as of December 31, 2011 Pro forma liquidity of ( in millions) approximately 838 Capitalization: Actual Pro Forma million with current Line of Credit -- --…
Maintaining the Current Strategy Oil Investment in 3 Basins for Long-Term Growth Concentrate Capital Grow Production to Increase Expected Operating Margin Investment in 3 Oil Basins over 55,000 BOED, 80% Oil per BOE and Cash Flow Per…
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