Berry Petroleum Announces an Offering of $600M Aggregate Principal Amount of Senior Notes Due 2022

Berry Petroleum Company

announced today that it intends to publicly offer, subject to market and other customary conditions, $600 million aggregate principal amount of senior notes due 2022 pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission. Berry intends to use the net proceeds from the offering to redeem all $200 million outstanding principal amount of its 8¼% Senior Subordinated Notes due 2016 (the “2016 Notes”), to finance a tender offer for up to $150 million aggregate principal amount of its 10¼% Senior Notes due 2014 and to reduce outstanding borrowings under its senior secured revolving credit facility. To the extent that Berry purchases less than $150 million of its 2014 Notes in the Tender Offer, it intends to use the net proceeds that otherwise would have been used to purchase the 2014 Notes to further reduce outstanding borrowings under its senior secured revolving credit facility. Pending the application of the net proceeds to redeem the 2016 Notes and finance the Tender Offer, Berry intends to reduce outstanding borrowings under its senior secured revolving credit facility, and it may temporarily invest the remaining net proceeds in cash equivalents or short-term investments. The offering of 2022 Notes is not conditioned upon the successful consummation of the Tender Offer.