Berry Petroleum sets 2008 capital budget at $295 million

By OGJ editors
HOUSTON, Dec. 5 -- Berry Petroleum Co. plans a capital budget of $295 million for 2008 compared with its 2007 capital budget of $320 million, which included $53 million for a Piceance acreage acquisition.

For 2008, Barry Petroleum expects to drill more than 390 producing wells and is targeting 2008 production to average 30,000 boe/d. Total proved reserve additions are projected at 30 million boe.

The upcoming budget includes $173 million for heavy oil projects and $122 million targeting natural gas production growth.

The capital program assumes West Texas Intermediate crude prices of $70/bbl and Henry Hub natural gas prices of $7.50/MMcf, Barry Petroleum said.

Barry Petroleum anticipates the capital expenditures will be fully funded through cash flow from operations.

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