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Article: Berry Petroleum Completes Piceance Basin Acquisition; Increases 2006 CAPEX to $208 Million.
- Article from:
- Business Wire
- Article date:
- February 28, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BAKERSFIELD, Calif. -- Berry Petroleum Company (NYSE:BRY) announced that it has completed the acquisition of a 50% working interest in natural gas assets in the Grand Valley field in the Piceance Basin of western Colorado for approximately $159 million. The purchase was funded under the Company's existing credit facility. Berry will be the operator and own a 50% working interest in 6,314 gross acres targeting gas in the Williams Fork section of the Mesaverde formation.
Current daily production, net to Berry's interest, is 1.0 million cubic feet of natural gas per day (MMcf/D) from three producing wells. The Company internally estimates 330 billion cubic feet of ...