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Technical Presentation – Berry Petroleum Corp.

Berry Petroleum Corp. · Jul 31, 2018 · 34 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Technical Presentation – Berry Petroleum Corp. – slide 1
    Berry Technical Presentation July 2018
  2. Technical Presentation – Berry Petroleum Corp. – slide 2
    Berry Petroleum: A U.S. Onshore Conventional Oil Company Conventional, oil-driven, Western United States focused Map of Berry Assets1,2 Brent-influenced oil pricing dynamics Oil Gas Long production history and high operational…
  3. Technical Presentation – Berry Petroleum Corp. – slide 3
    Berrys Completion and Recovery Mechanisms State Project Type Well Type Completion Type Recovery Mechanism Depth (ft.) Pressure Depletion Low intensity pin point Hill Diatomite (non-thermal) Vertical augmented with water 1,300 2,000…
  4. Technical Presentation – Berry Petroleum Corp. – slide 4
    Our California Assets Asset Overview Drilling opportunities exist in each asset area allowing for production growth and increased recovery and reserves We have a concentrated position in California's San Joaquin Basin Prolific history…
  5. Technical Presentation – Berry Petroleum Corp. – slide 5
    Our California Operational Areas and Producing Intervals AGE Quaternary Holocene Pleistocene Tulare San Pliocene Joaquin Etchegoin Potter Reef Ridge Neogene Sublakeview Monarch 10-10 Webster Miocene…
  6. Technical Presentation – Berry Petroleum Corp. – slide 6
    Utah Uinta Basin Asset Overview Map of Operations Uinta is defined by multiple stack oil field reservoirs with tremendous undeveloped resources remaining 2,000 feet of stacked oil pay in the Green River and Wasatch formations…
  7. Technical Presentation – Berry Petroleum Corp. – slide 7
    Greater Uinta Piceance Basin and Petroleum Systems Uinta Piceance Basin Basin COLORADO UTAH Berry Position Oil Field Gas Field 8
  8. Technical Presentation – Berry Petroleum Corp. – slide 8
    Most Berry CA Assets Located in San Joaquin Super Basin First commercial production in the San Joaquin basin began back in 1887 Berry has positions in two of the largest oil fields in the US; South Belridge and Midway- Sunset…
  9. Technical Presentation – Berry Petroleum Corp. – slide 9
    California San Joaquin Basin Geologic Overview The San Joaquin Basin is located 70 miles north of Los Angeles A San Joaquin Basin is bounded to the east by the Sierra Nevada Mountains, to the west by the California Coast Ranges, and…
  10. Technical Presentation – Berry Petroleum Corp. – slide 10
    California Northwest San Joaquin Asset Asset Overview Map of Operations The Northwest San Joaquin asset produces from the Midway- Sunset, South Belridge and McKittrick Fields Proved reserves of 50 MMBoe and Proved PV-101 of 1,010mm…
  11. Technical Presentation – Berry Petroleum Corp. – slide 11
    California Southeast San Joaquin Asset Asset Overview Map of Operations Southeast San Joaquin is currently Berrys largest producing California asset area with production from Midway-Sunset, Poso Creek and Placerita Fields Proved…
  12. Technical Presentation – Berry Petroleum Corp. – slide 12
    South Belridge Hill Lease 502 acres Acquired remaining interest in July 17 .5 acre spacing 40 acre spacing for comparison Office 13
  13. Technical Presentation – Berry Petroleum Corp. – slide 13
    Taking Strategic Action to Narrow Focus and Consolidate Scale In July 2017, Berry acquired Linns 84% working interest in the South Belridge Hill lease and sold its non-operated 78% working interest in the Hugoton asset Transaction…
  14. Technical Presentation – Berry Petroleum Corp. – slide 14
    South Belridge Hill Lease Pin Point Hydraulic Fracturing Plug and Perforate Fracture Model Shift to Pin Point Fracturing Traditional plug and perforate hydraulic fracturing attempts to stimulate a large area at once Fracture…
  15. Technical Presentation – Berry Petroleum Corp. – slide 15
    San Joaquin Hill Diatomite Fairway Pattern Type Curve1 Overview Type Curve and Historical Well Results (Boe/d) Asset Information 140 Area San Joaquin Basin Dataset: Approximately 230 diatomite wells in the fairway Reservoir Diatomite…
  16. Technical Presentation – Berry Petroleum Corp. – slide 16
    North Midway-Sunset Diatomite 2,640 acres Recent acreage adds 21 21Z Z 2 Office Office 17
  17. Technical Presentation – Berry Petroleum Corp. – slide 17
    Thermal Diatomite Geologic Overview Reservoir Properties Thick pay (+/- 400) Very high porosity Opal A:55-75% Opal CT: 40-55% Poor permeability…
  18. Technical Presentation – Berry Petroleum Corp. – slide 18
    Diatomite Recovery Fundamentals Summary of Key Recovery Components Permeability Enhancement (k) Recovery Fundamentals Hierarchy Diatomite matrix has essentially no natural permeability (0.5-5md) and requires fracturing Compaction…
  19. Technical Presentation – Berry Petroleum Corp. – slide 19
    Thermal Diatomite Recovery Process Thermal Diatomite History 1,000,000 24 2014 RR: 52.3 MMBOE 2015 RR: 34.0 MMBOE 2013 RR: 2017 RR: 51.5 MMBOE 6.1 MMBOE 100,000 18 2007 RR: 11.7 MMBOE 2016 RR: 5.3 MMBOE SOR 10,000 12…
  20. Technical Presentation – Berry Petroleum Corp. – slide 20
    Thermal Diatomite Recovery Process Belgian Header 7 Steaming Strategies BG HDR 7 Production per Compl BG HDR 7 SOR per Compl Process change resulting in better Stage BSPD* Top Days btw Cycle Vol per Date Range overall SOR and…
  21. Technical Presentation – Berry Petroleum Corp. – slide 21
    San Joaquin Thermal Diatomite Well Type Curve1 Overview Type Curve and Historical Well Results (Boe/d) Asset Information Dataset: Approximately 100 wells Area NW San Joaquin Basin 90 in the Tidewater lease Reservoir Thermal…
  22. Technical Presentation – Berry Petroleum Corp. – slide 22
    Midway-Sunset Homebase 1,975 acres S. Midway-Sunset Field Map Sub-surface from West 26 30 29 28 27 Some Fee Simple, some 35 36 31 32 33 34 lease 29 28 27 26 25 Ethel D 2 Cogens (38 & 18 MW) 32 33 34 35 36 5 4 3 2…
  23. Technical Presentation – Berry Petroleum Corp. – slide 23
    Overview of Thermal EOR Techniques using Steam Steam Flood Diagram Steam as EOR Technique Produced Steam Water Typical in shallow reservoirs with heavy crude Generation Injection Recycling Separation & Production Wells Steam…
  24. Technical Presentation – Berry Petroleum Corp. – slide 24
    Midway-Sunset: Monarch Sandstone Reservoir Midway-Sunset Sandstone Reservoirs 1562000 1563000 South MWSS Hydrocarbon Pore Volume Map 1564000 1565000 1566000 1567000 1568000 1569000 1570000 1571000 1572000 1573000 1574000 1575000…
  25. Technical Presentation – Berry Petroleum Corp. – slide 25
    San Joaquin Sandstone Flood Pattern Type Curve1 Overview Type Curve and Historical Well Results (Boe/d) Asset Information 140 Dataset: Approximately 30 patterns Area San Joaquin Basin Historical Results in the McKittrick 21Z lease…
  26. Technical Presentation – Berry Petroleum Corp. – slide 26
    Our Actual Realized D&C Costs Have Aligned Closely with AFEs D&C Cost Per Well ( in thousands) California Area Over (Under) Budget 443 411 353 359 Thermal Sandstone (6)% 244 230 Thermal Diatomite 2% Hill Diatomite (7)% 443…
  27. Technical Presentation – Berry Petroleum Corp. – slide 27
    San Joaquin Basin Remains a Significant Opportunity San Joaquin Basin still holds significant potential Never bet against world-class source rocks Back to basics subsurface understanding Technology Drilling & completion fit for…
  28. Technical Presentation – Berry Petroleum Corp. – slide 28
    A. Other Reference Materials 29
  29. Technical Presentation – Berry Petroleum Corp. – slide 29
    Historical Well List for Hill Diatomite Fairway Well Name Date API Well Name Date API Well Name Date API Well Name Date API 1 HILL 412A 1989-11-01 04029845870000 61 HILL 632K 2013-04-01 04030479820000 121 HILL 553B 2005-06-01…
  30. Technical Presentation – Berry Petroleum Corp. – slide 30
    Historical Well List for Thermal Diatomite Well Name Date API Well Name Date API Well Name Date API 1 TDW 34-28 2013-08-01 04030468620000 36 TDW 40-26 2014-01-01 04030468740000 71 TDW 46-22 2014-01-01 04030514260000 2 TDW 35-25…
  31. Technical Presentation – Berry Petroleum Corp. – slide 31
    Historical Well List for Sandstone Well Name Date API Well Name Date API Well Name Date API 1 21Z 09-C2 2010-04-10 04030396340000 37 21Z O-18 2012-04-12 04030434490000 73 21Z LM-22Ai N/A 04030528910000 2 21Z 09-C3 2010-04-10…
  32. Technical Presentation – Berry Petroleum Corp. – slide 32
    Proved Reserves as of December 31, 2017 SEC and Strip Prices Proved Reserves and PV-101 as of December 31, 2017 Proved Reserves and PV-101 as of December 31, 2017 (SEC Pricing)2 (Strip Pricing)3 Natural Natural Oil Gas NGLs Total % of…
  33. Technical Presentation – Berry Petroleum Corp. – slide 33
    Proved Reserves as of December 31, 2017 SEC and Strip Prices (Cont.) Proved Reserves as of December 31, 2017 (SEC Pricing)1 Proved Reserves as of December 31, 2017 (Strip Pricing)2 San Joaquin San Joaquin and Ventura Piceance East…
  34. Technical Presentation – Berry Petroleum Corp. – slide 34
    Thank you 35

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