UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): March 17, 2009
BERRY PETROLEUM
COMPANY
(Exact
Name of Registrant as Specified in its Charter)
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DELAWARE
(State
or Other Jurisdiction of
Incorporation
or Organization)
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1-9735
(Commission
File Number)
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77-0079387
(IRS
Employer
Identification
Number)
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1999 BROADWAY, SUITE 3700,
DENVER, COLORADO
(Address
of Principal Executive Offices)
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80202
(Zip
Code)
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Registrant’s
telephone number, including area code: (303) 999-4400
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item
1.01 Entry into a Material Definitive Agreement
On March
20, 2009, Berry Petroleum Company (Company) entered into a crude oil purchase
contract with Tesoro Corporation for the sale of all of the Company’s crude oil
production from the Midway Sunset Field. The volume approximates
12,000 barrels per day. The Agreement is effective on April 1, 2009
and continues until September 30, 2009. A copy of the crude oil
purchase contract will be filed as an exhibit to the Company’s quarterly report
on Form 10-Q for the fiscal quarter ending March 31, 2009. Under the
Stipulation, the parties reserved all of their rights, including Berry’s right
to seek damages caused by the default under the contract.
Item
1.02 Termination of a Material Definitive Agreement
On March
17, 2009, the Company and Big West of California, LLC (BWOC) entered into a
stipulation (Stipulation) regarding BWOC’s rejection of the Company’s crude oil
purchase contract. The Stipulation provides for a termination of the
Company’s crude oil purchase contract with BWOC effective as of March 16,
2009.
The
Stipulation was filed with the United States Bankruptcy Court, District of
Delaware, which is overseeing BWOC’s Chapter 11 bankruptcy
proceeding. It is anticipated that the bankruptcy court will hear the
Stipulation to terminate the crude oil purchase contract on or about April 3,
2009. The Stipulation is subject to an entry of order by the
bankruptcy court authorizing BWOC’s rejection of the crude oil purchase
contract, although the Company continues to sell its crude oil production to
third parties.
Item
8.01 Other events
The
Company continues to market its California crude oil production, other than
production from the Midway Sunset field discussed in Item 1.01 above, to various
parties. The term of these contracts range from nine months to one
month. The average pricing for all California production pursuant to
applicable California Crude Oil Purchase Contracts, calculated on a monthly
basis is the higher of 1) WTI NYMEX crude oil less a fixed differential, or 2)
heavy oil field posting (San Joaquin) plus a
premium.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereto
duly authorized.
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BERRY PETROLEUM
COMPANY
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By:
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/s/ Kenneth A.
Olson
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Kenneth
A. Olson
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Corporate
Secretary
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Date: March
20, 2009
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