Berry Petroleum Earns $1.17 Per Share in Third Quarter 2008; Averages 35,150 BOE/D Production and Generates Discretionary Cash Flow of $122 Million

DENVER, Oct 29, 2008 (BUSINESS WIRE) -- Berry Petroleum Company (BRY:BRYNews, chart, profile, moreLast: Delayed quote dataAdd to portfolioAnalyst Create alertInsiderDiscussFinancials Sponsored by:, , ) earned net income of $53.3 million, or $1.17 per diluted share, for the three months ended September 30, 2008, up 98% from net income of $26.9 million, or $.60 per diluted share in the third quarter of 2007, according to Robert F. Heinemann, president and chief executive officer. Discretionary cash flow totaled $122 million in the quarter, up 70% from $72 million in the third quarter of 2007.

(Discretionary cash flow is a non-GAAP measure; see reconciliation below.) For the third quarter ended September 30, 2008 net production averaged 35,150 barrels of oil equivalent per day (BOE/D), an increase of 31% from the 26,873 BOE/D achieved in the same 2007 period. The average realized sales price, net of hedging, for the 2008 third quarter was $64.98 per...
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