Berry Petroleum sets $100 million budget for 2009
Berry Petroleum Co. set a 2009 capital budget of $100 million, down from the $295 million capital budget for 2008 that Berry announced last year.
HOUSTON, Dec. 8 -- Berry Petroleum Co. set a 2009 capital budget of $100 million, down from the $295 million capital budget for 2008 that Berry announced last year.
The company anticipates 2009 average production of 33,500 boed, a 3% gain over its 2008 estimated average.
Robert Heinemann, president and chief executive officer, said Berry plans to spend $25-30 million in East Texas and $10-15 million on the Rocky Mountain region.
The remainder of the 2009 budget will be spent in California on development of diatomite and other heavy oil projects.
The diatomite budget will be $30-35 million to drill 50 wells. The remaining California capital will be spent on South Midway Sunset drilling, and the Poso Creek expansion.
The capital program assumes West Texas Intermediate crude oil prices of $47.50/bbl and Henry Hub natural gas prices of $5/Mcf, Heinemann said.