1. Berry Petroleum Company
Presented by Ralph J. Goehring - Senior Vice President
and Chief Financial Officer
April 20, 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

2. 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

3. 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

4. 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

5. 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

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

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

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

9. 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)
,659 BOE per day
,627 BOE per day %
,214 BOE per day %
Target production
,400 BOE per day %
Reserves MMBOE; 17% of total
IPAA OGIS - New York – April 20, 2004

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

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

12. 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

13. 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 SRAC to 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

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

15. 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

16. IPAA OGIS - New York – April 20, 2004
Hedging
Approximately one-third of production volume is hedged
3,000 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

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

18. 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

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

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

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

22. 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

23. 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

24. 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

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

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

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

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

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

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

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

32. IPAA OGIS - New York – April 20, 2004
2003 Results and 2004 Targets
2003 Actual Target
Net Prod. BOE/Day , , ,000
Ave. Sale Price/BOE $ ? ? ?
Op Costs/BOE $ $ $10.50
G&A/BOE $ $ $1.60
DD&A/BOE $ $ $4.10
Interest Expense/BOE $ $.22
Effective Tax Rate % % - 28%
IPAA OGIS - New York – April 20, 2004

33. Price Sensitivities as of April, 2004
After-Tax
Commodity Baseline %  Annual Impact
Oil Price (WTI) $ $1.75/bbl $6.4 million
Oil Prod , ,000 bpd $7.4 million
Natural Gas (HH) $ $0.30/Mcf $1.2 million
Electricity $ $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

34. 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

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

36. 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: or 866-IR AT BRY
Fax:
website:
Berry Petroleum Company
5201 Truxtun Ave., Ste. 300
Bakersfield, CA
IPAA OGIS - New York – April 20, 2004

37. 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

38. 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

39. 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