Berry Petroleum Company Presented by Ralph J. Goehring - Senior Vice President and Chief Financial Officer April 20, 2004 - IPAA OGIS Safe Harbor Statement Safe Harbor under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the matters presented in this presentation or associated documents are forward-looking statements that involve risks and uncertainties. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include, but are not limited to, the timing and extent of changes in the commodity prices for oil, natural gas and electricity, a limited marketplace for electricity sales within California, counterparty risk, competition, environmental and weather risks, litigation uncertainties, drilling, development and operating risks, uncertainties about the estimates of reserves, the availability of drilling rigs and other support services, legislative and/or judicial decisions and other governmental regulations. IPAA OGIS - New York – April 20, 2004

2003 Major Accomplishments Earned net income of $34.3 million, up 14% Cash flow from operations of $64.8 million, up 12% Produced 6 million BOE or daily average of 16,459 BOE, up 15% Reserve additions of 14 million BOE to 110 MMBOE at year end 2003 Reserve replacement rate of 233% Capital expenditures of $41.6 million drilling of 121 wells and 33 workovers, our highest activity level ever. Finding and development costs were $6.29 per BOE IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 2004 Targets Include Growing production by 24% over 2003 to approximately 20,500 BOE per day Capital expenditures of $50 million plus Increasing earnings Increasing cashflow Adding significant new reserves IPAA OGIS - New York – April 20, 2004

BRY Background Summary Independent oil and gas producer Founded 1909 in California, currently 131 employees Headquarters in Bakersfield, California with Denver, CO office to operate Rocky Mountain assets Financial overview Current borrowing base - $200 MM, outstanding - $50 MM Dividend $.44/share – approx. a 1.6% yield Total shares outstanding - Approx. 22 million Cogeneration (Steam & Electricity) Assets Three cogeneration facilities Provides economical steam IPAA OGIS - New York – April 20, 2004

Primary Producing Asset Locations Midway-Sunset Field - San Joaquin Valley Basin, CA Brundage Canyon Field - Uinta Basin ,UT Placerita Field - Los Angeles Basin, CA IPAA OGIS - New York – April 20, 2004

Midway-Sunset Field - San Joaquin Basin IPAA OGIS - New York – April 20, 2004

Midway-Sunset Field, CA Asset type – Heavy crude oil - EOR Berry operating since 1909 Total average daily production (BOE) 2001 10,314 BOE per day 2002 10,722 BOE per day + 4% 2003 11,502 BOE per day + 7% Target production 2004 12,200 BOE per day + 6% Reserves - 73.4 MMBOE; 67% of total IPAA OGIS - New York – April 20, 2004

Placerita Field - LA Basin IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 Placerita Field, CA Asset type – Heavy crude oil - EOR Berry operating since 1999 Total average daily production (BOE) 2001 2,659 BOE per day 2002 2,627 BOE per day - 1% 2003 3,214 BOE per day + 22% Target production 2004 3,400 BOE per day + 5% Reserves - 18.4 MMBOE; 17% of total IPAA OGIS - New York – April 20, 2004

Brundage Canyon Field - Uinta Basin IPAA OGIS - New York – April 20, 2004

Brundage Canyon Field, UT Asset Type – 75% Light Crude – 25% Gas Berry operating since August 2003 Total average daily production (BOE) 2003 2,111 BOE per day (fourth quarter) Target production 2004 4,100 BOE per day + 49% Reserves - 9.2 MMBOE; 8% of total IPAA OGIS - New York – April 20, 2004

Cyclic Steam Injection (EOR) Approx. 7,000 Bbls of steam Soaks for 3-7 days Produces for 6 months IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 Cogeneration Summary Facilities provide: 57% of steam generation natural hedge with natural gas prices competitive advantage over other heavy oil operators Units positioned in key producing areas Midway-Sunset Field 38 MW, to PG&E under contract* 18 MW, to PG&E under contract* Placerita Oilfield 21 MW, 7.2 ¢/Kwh to 2006 - SRAC to 2009 - SoCal Edison (SCE) 21 MW, to SCE under contract* *Have contracts for 2004 electricity *Negotiating and reviewing 5-year electricity contracts IPAA OGIS - New York – April 20, 2004

Historical Crude Oil Prices IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 Crude Oil Sales California SJV heavy differential to WTI remains tight California refineries designed for heavy crude slate California production remains low from energy crisis Have crude oil sales contract with a major refiner through 2005, with fixed differential to WTI Rocky Mountains Have crude oil sales contract with a major Approximates WTI less $2.00 per Bbl IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 Hedging Approximately one-third of production volume is hedged 3,000 bpd @ WTI $29.12 4,000 bpd with a maximum payout from BRY of $3.69 per barrel to WTI $29.63, retaining price upside IPAA OGIS - New York – April 20, 2004

Production Trend by Quarter in BOE per day IPAA OGIS - New York – April 20, 2004

Brundage Canyon Development 2003 & 2004 Existing Wells Wells drilled in 2003 (26) Wells drilled in 2004 (15) Remaining wells to be drilled in 2004 (29) IPAA OGIS - New York – April 20, 2004

Total Proved Reserves In million BOE IPAA OGIS - New York – April 20, 2004

Proved Reserve Mix By geography in BOE At 12/31/02 At 12/31/03 IPAA OGIS - New York – April 20, 2004

Proved Reserve Mix By asset type by BOE At 12/31/02 At 12/31/03 IPAA OGIS - New York – April 20, 2004

Berry’s Plan to Achieve Growth Targets Two key elements to growth strategy: 1. Maximize production from existing assets 2. Add reserves through: a. development b. acquisitions IPAA OGIS - New York – April 20, 2004

Maximizing Production for Growth Continue drilling at Brundage Canyon Focus on five new EOR projects in California Exploitation team to focus on unproven reserves Utilize technology, squeeze more barrels out of older reservoirs IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 Acquisition Focus Expand acreage position near Brundage Canyon; focus on light oil reserves and natural gas Add new field in the Rockies with growth opportunities Add properties in California which are strategic IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 Financial Review IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 Revenues in millions IPAA OGIS - New York – April 20, 2004

Net Income & Cash Flow In millions of dollars IPAA OGIS - New York – April 20, 2004

Return on Capital Employed In Percent ROCE five year average of 17% IPAA OGIS - New York – April 20, 2004

Return on Equity In Percent ROE five year average of 19% IPAA OGIS - New York – April 20, 2004

Total Long-Term Debt in millions IPAA OGIS - New York – April 20, 2004

Total Debt/Capitalization in Percent Long-term Debt/(Long Term Debt + Shareholders’ Equity) IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 2003 Results and 2004 Targets 2003 Actual 2004 Target Net Prod. BOE/Day 16,549 20,000 - 21,000 Ave. Sale Price/BOE $22.52 ? ? ? Op Costs/BOE $10.05 $9.50 - $10.50 G&A/BOE $1.59 $1.40 - $1.60 DD&A/BOE $3.40 $3.75 - $4.10 Interest Expense/BOE $.23 $.22 Effective Tax Rate 15% 23% - 28% IPAA OGIS - New York – April 20, 2004

Price Sensitivities as of April, 2004 After-Tax Commodity Baseline 5%  Annual Impact Oil Price (WTI) $35.00 $1.75/bbl $6.4 million Oil Prod. 20,000 1,000 bpd $7.4 million Natural Gas (HH) $6.00 $0.30/Mcf $1.2 million Electricity $70 $3.50/Mwh $1.3 million Highly dependent on oil production and price Also impacted by natural gas IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 BRY Strengths Solid, long-lived existing asset base (16 years) Strong financially - $150 MM available for growth plus internally generated cash flow Long history of profitability and dividends Electricity generating assets assist in lowering costs Significant portion of production is royalty-free Well positioned to acquire properties Well respected in industry Delivering on growth strategy IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 Questions and Answers IPAA OGIS - New York – April 20, 2004

IPAA OGIS - New York – April 20, 2004 Contact Information Jerry V. Hoffman President & CEO Ralph J. Goehring Sr. Vice President & CFO Michael Duginski Vice President of Corporate Development Todd A. Crabtree Investor Relations Specialist Phone: 661-616-3832 or 866-IR AT BRY Fax: 661-616-3881 email: ir@bry.com website: www.bry.com Berry Petroleum Company 5201 Truxtun Ave., Ste. 300 Bakersfield, CA 93309-0640 IPAA OGIS - New York – April 20, 2004

Glossary of Terms and Abbreviations API – American Petroleum Institute – The American Petroleum Institute was established on March 20, 1919, and focuses on Statistics, Standards and Taxation BOE – Barrel of oil equivalent – a unit of measure which includes oil and gas (with 6,000 cubic feet of gas equal to one barrel of oil) BOPD – Barrels of oil per day Cogeneration – a process in which natural gas is burned to generate two energy outputs; steam and electricity DD&A – Depreciation, Depletion, and Amortization EOR – Enhanced Oil Recovery, usually accomplished by the injection of steam or water Fee property – A property which does not have a royalty payment to a land owner G&A – General and Administrative HH – Henry Hub - The Pipeline interchange and the delivery point for the NYMEX active natural gas futures market, located in Erath, LA. Mcf – Thousand cubic feet of gas MM – millions IPAA OGIS - New York – April 20, 2004

Glossary of Terms and Abbreviations MMBbl – Millions of barrels of oil MMBOE – Millions of barrels of oil equivalent Mw – Megawatt – one million watts Mwh – Megawatt hour – one million watts generated per hour MWSS – Midway-Sunset, a large oilfield in California’s Central Valley NYMEX – New York Mercantile Exchange – It is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals OOIP – Original oil in place – The estimate of the quantity of oil in a reservoir prior to any production ROCE – Return on capital employed, calculated as net income + after-tax interest expense divided by average long-term debt + average shareholders’ equity ROE – Return on equity, calculated as net income divided by average shareholders’ equity IPAA OGIS - New York – April 20, 2004

Glossary of Terms and Abbreviations R/P – Reserves over Production, or the calculation used to determine reserve life SJV – San Joaquin Valley – The central California benchmark for heavy crude oil, approximating 13° API gravity Spark Spread – The difference between the sales price of electricity and its cost of production SRAC – Short run avoided cost – The estimated cost of the “next” megawatt of electricity generated Standard Offer – The sales contract offered by the utilities, not open market sales WTI - West Texas Intermediate – the US benchmark crude oil, approximating 40° API gravity IPAA OGIS - New York – April 20, 2004