Berry Petroleum (BRY) Offers Common Shares At $29.25

Berry Petroleum Co. (NYSE: BRY) agreed to offer 8 million common shares priced at $29.25 a share in a public offering and intends to use the proceeds to fund the planned acquisition of certain properties in the Wolfberry trend of West Texas and for general corporate purposes.

The share price of Berry Petroleum closed at $29.44 yesterday, up from the previous close of $28.66. The Company estimates that its net proceeds from the sale of common stock, after deducting estimated underwriting discounts and commissions and offering expenses, will be $224 million, assuming the underwriters’ over-allotment option is not exercised.