Berry Petroleum to Buy Wolfberry Oil Assets

Berry Petroleum has signed agreements with a group of sellers to acquire their interests in properties on 9,300 net acres in the Wolfberry trend in West Texas, US, for a total value of $180m.

Berry’s proved and probable reserve estimates associated with the 40 acre development of the properties are approximately 35 million barrels of oil equivalent with crude oil comprising 76% of these volumes.

With the new acquisitions, the properties are expected to add about 2,200 barrels of oil equivalent per day to Berry’s production during 2011.

Since entering the Permian basin in March 2010, Berry has accumulated 19,350 net acres in the Wolfberry trend.