Berry Corporation (BRY)

[ChitForBrains]

Notable Third Quarter 2011 Items

• Generated discretionary cash flow of 123 million from production of 36,900 BOE/D, of which 71% is oil(1)
• Generated operating margin of $46.67 per BOE, supported by sales of our California heavy oil at a $12 average premium to WTI during the quarter(1)
• Increased our average production by 11% from the first nine months of 2010 and 4% from the second quarter of 2011
• Increased our oil production by 14% from the first nine months of 2010 and 6% from the second quarter of 2011
• Permian production averaged 5,200 BOE/D, up 35% from the second quarter of 2011
• Received revised project approval letter from the DOGGR for the full-field development of our Diatomite asset
• Diatomite production averaged 3,820 BOE/D during the third quarter of 2011, up 8% from the second quarter of 2011
• Acquired approximately 11,000 additional net acres in the Permian for $10 million, bringing our total Permian position to 38,000 net acres
• Repurchased $91.0 million aggregate principal amount of our 10.25% Notes
• Drilled three Uteland Butte horizontal wells in Lake Canyon

From 10Q