By OGJ editors
HOUSTON, May 13 -- Berry Petroleum Co., Bakersfield, Calif., has agreed to buy northeast Utah properties in the Uinta basin from Williams Productin RMT Co., a unit of Willams Cos. Inc., Tulsa, for $49 million.
The Brundage Canyon properties consist of 43,500 net acres and produce 2.200 net boe/d of light crude oil and natural gas. Berry said proved reserves of 8.6 million boe are 75% light oil and 25% gas.
Berry Petroleum Pres. and CEO Jerry V. Hoffman said, "This acquisition will establish an operating position for Berry in the Rockies, which meets one of our 2003 state goals and provides the company with geographic and reserve diversification."
Depending upon the timing of the closing, Hoffman said Berry Petroleum could drill up to 26 wells in 2003. He said the transaction, expected to be finalized in the third quarter, will be retroactive to Apr. 1.
