Berry Petroleum Sees Minimal Impact From Proposed California Bill AB 345
April 25 2019 - 2:55PM
Berry Petroleum Corporation (NASDAQ:BRY) (“Berry” or the “Company”)
today announced that on Monday, April 22, the
California Assembly's Natural Resources Committee
passed Assembly Bill 345. The bill, which is sponsored by
several environmental justice groups, is still in the early phases
of the legislative process. As it is currently proposed, the bill
would require all new oil and gas development or rework operations,
that are not on federal land, to be “located at least 2,500 feet
from a residence, school, childcare facility, playground, hospital,
or health clinic.”
“As drafted, we expect this proposed legislation
would impact only 4% of Berry’s 2018 total Company-wide
proved reserves. This highlights one of Berry’s key competitive
advantages. We focus our production in rural parts of California
where 79% of our total Company-wide production is currently
realized and which are minimally populated but significantly
dependent upon the oil and gas industry to support their local
economies and provide affordable energy to the people of
California,” said Trem Smith, Berry’s Board Chair and CEO. “We will
continue to work closely with all constituents and
legislators to help ensure understanding of the bill's
potential impact as well as a solution that works for all
parties.”
About Berry Petroleum
Berry Petroleum Corporation is a publicly-traded (NASDAQ:BRY)
western United States independent upstream energy company with a
focus on the conventional, long-lived oil reserves in the San
Joaquin basin of California. More information can be found at the
Company’s website at www.berrypetroleum.com.
Contact: Berry Petroleum Corporation
Todd Crabtree – Manager, Investor Relations
(661) 616-3811
ir@bry.com
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