Independent energy firm Berry Petroleum has announced that its estimated proved oil and gas reserves increased by 13% to 169 million barrels of oil equivalent as of December 31, 2007.
In 2007, Berry added 35.4 million barrels of oil equivalent (BOE) at a finding and development cost of $10.07 per barrel and replaced 293% of the 9.8 million barrels it produced in 2007.
At year-end 2007, the company’s reserve mix included 117 million barrels of crude oil, condensate and natural gas liquids, and 316 billion cubic feet of natural gas, or 69% oil and 31% natural gas. Geographically, 60% of proved reserves are in California and 40% in the Rocky Mountain region. The company’s year-end reserves-to-production ratio increased slightly to 16.5 years, based on annualized fourth quarter 2007 average daily production. Proved developed reserves represent 61% of total proved reserves.
Robert Heinemann, president and CEO, said: Organic growth provided the increase in our proved reserves for 2007 as we had an extensive development program that added proved reserves in five of our six core asset areas.