1. The Transformation of Berry Petroleum Company
IPAA CEO Roundtable
Presented by Bob Heinemann - President & Chief Executive Officer
June 17, 2005
San Francisco, California
Safe Harbor Statement
Safe Harbor under the Private Securities Litigation Reform Act of 1995:
With the exception of historical information, the matters in this presentation 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 commodity prices for oil, gas and electricity; development, exploration, drilling and operating risks; a limited marketplace for electricity sales within California, counterparty risk; acquisition risks; competition, environmental risks, litigation uncertainties; the availability of drilling rigs and other support services, pipeline capacity, legislative and/or judicial decisions and other government or Tribal regulations.

2. Snapshots of Berry Petroleum Company
Berry Petroleum in 2003
Perennially profitable heavy oil producer
Highly concentrated operations in San Joaquin Valley, CA
Solid portfolio of stable reserves (100 MMBOE)
“Good at what they do”
Very strong financially as evidenced by
Dividend = $0.40/share
Debt to Capitalization = 8%
ROCE = 17%
Total Shareholder Return = 11%
Share Price = $17 - $20/share

3. Snapshots of Berry Petroleum Company
Berry Petroleum Today
Demonstrated production, reserves and earnings growth
Operations in California, Rockies and Mid-Continent
More diversified portfolio of reserves
Significant land position with considerable upside
Seeking additional acquisitions
Even stronger financially in 2004 as evidenced by
Dividend = $0.52/share
Debt to Capitalization = 10% (34% at Q1)
ROCE = 26%
Total Shareholder Return = 138%
Share Price = $47 - $50/share

4. Per capita oil consumption (bbl/yr)
Energy Consumption Indicates the Wealth of Nations
Per capita income
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000 5 10 15 20 25 30
Per capita oil consumption (bbl/yr)
Saudi Arabia
India
China
Indonesia
Russia
Brazil
Mexico
Europe
Japan
Canada
United States
The world’s
15 largest
economies
Copyright: "The Color Of Oil," by Economides and Oligney

5. Can Supply Keep Up With Demand?
Global production,
MMbopd
100
Current demand = 82 MMbopd
New fields outside M.E. 80 60
Existing fields outside Middle-East
IOR 40 20
Middle-East fields
Source: EIA 2002

6. Strength of the Dollar Impacts Oil Prices
Oil Prices, $/bbl WTI
Currency Exchange, $US/Euro
Source: Futuresource.com

7. Significant Differences in Price Outlook
WTI Actual, May ’04-’05
Oil Futures Today
Oil Prices, $/bbl WTI
Oil Futures from May, 2004

8. Strategies for Transforming Berry
Growing production and reserves from existing assets while controlling expenses
Acquiring light oil and gas assets with significant growth potential outside of California
Entering new hydrocarbon basins, utilizing joint ventures to complement our skill base
Investing the Company’s capital in an efficient, disciplined manner

9. Solid Acquisitions Beginning In 2003
Utah BLM Lease Sale
Yuma Co Niobrara Acquisition
Lake Canyon Joint Venture
Coyote Flats Joint Venture
Brundage Canyon Acquisition
Tri-State Joint Venture Q3 Q4 Q1 Q2 Q3 Q4 Q1
2003
2004
2005

10. Growth and Diversification of Proved Reserves
Proved reserves have grown by the development and acquisition of light oil and gas while maintaining heavy oil reserves.
Berry Jan. 2003
Berry Today
100% Heavy oil
26%
Increase
77% Heavy oil
8% Light
15% Gas
98 MMBOE
124 MMBOE

11. More Balanced, Increasing Capital Program
2005 Wells
Capital Program, $MM
2002 Wells
Other
Mid-Continent 43
Rockies
California

12. Consistent Production Growth
Total average daily production (BOE)
Gas
13%
Light oil 15%
Heavy oil 72%
2003
2004
2005

13. Consistent Earnings Growth
Quarterly Net Income, $MM
2003
2004
2005

14. Significant Upside Potential for Producing Acquisitions
Berry has added interests in over 750,000 of gross acres since Q3 2003
Rockies:
Brundage Canyon
Lake Canyon
Utah BLM Lease Sale
Coyote Flats
Mid-Continent:
Yuma County Niobrara
Tri-State Niobrara
Acreage
45,000
169,000
17,000
69,000
127,000
345,000
Mid-Continent
Rockies

15. Primary Producing Asset Locations
Poso Creek
Uinta Basin
Midway-Sunset
Montalvo
Niobrara Gas
Placerita

16. Berry’s Legacy Asset: Midway-Sunset Field
Total average daily production (BOE)
Reserves – 69.3 MMBOE
63% of total
Midway Sunset

17. Major S. Midway-Sunset Capital Projects
Nine (9) infill horizontals in 2004
Eight (8) infill horizontals in 2005
Complete development at 100' spacing with an additional 10 wells in 2006
Will move a significant number of reserve barrels to proved over the next several years
Horizontal wells are projected to produce over 60% of total S. Midway Sunset production within the next 5 years
South Midway-Sunset Properties
Infill Horizontals

18. South Midway Ethel D Redevelopment
First property acquired by CJ Berry in 1909
Averaged 150 BOPD over the past 20 yrs from cyclic steam stimulation
New steamflood pilot initiated in mid-2004
Expansion to full-scale project planned for 2006
Production target in excess of 1,000 BOPD
Main formation with remaining oil saturation > 50%

19. Uinta Basin: A Central Area of Activity for Berry
Gas
Oil
Greater
Green River Trend
Altamont/Bluebell
Greater
Wasatch/Mesaverde Trend
Altamont/Bluebell
Dakota/Entrada/Wasatch Trend
Lake Canyon Prospect
(7/04)
Roosevelt
Greater
Monument
Greater
Butte
Monument
Greater
Butte
Natural
Greater
Natural
Butte
Butte
Brundage Canyon
(8/03)
BLM Lease Sale Acreage (9/04)
UTAH
UTAH
COLORADO
Coyote Flats Prospect (12/04)

20. Production Growth from Brundage Canyon
Total average daily production (BOE)
First light oil acquisition
42 degree API gravity waxy crude
Large drilling inventory
Producing from Green River formation at depths above 6,000 feet
Reserves:
13.2 MMBOE (12% of total)
Brundage
Canyon

21. 2005 Brundage Program Contains More Variability
Brundage Canyon Field, Uinta Basin, UT (45,000 acres)
87 existing wells at purchase H
80 wells in ‘03-’04 drilling program
59 wells planned for ‘05 based on
40-acre infill
Extensions to the north and south
New gas plant and compression
(Hz)
100’s of potential locations remaining
Berry Leasehold
1 mile

22. Lake Canyon Activity in 2005
UTAH
Area enlarged
1 mile
Proposed 3D Survey Area
Green River wells
Lake Canyon
Brundage Canyon
Berry Leasehold
Two Green River wells permitted for May/June spud
50 sq. mi. 3D seismic program proposed for acquisition in summer
Deep Mesaverde test well will be located using the 3D seismic
Mesaverde well will be spud in late 2005

23. Coyote Flats Activity in 2005
UTAH
Ferron discovery well (Scofield-Thorpe 22-41) tested for 30 days in Dec with a peak rate of 1.1 MMcf/day
Berry will offset the discovery well with the Scofield-Thorpe in mid-’05 to a depth of 6,800 feet
The Emery CBM test pilot will also be drilled mid-year, consisting of 5 Emery coal wells (TD – 3,200’) and a water disposal well
Coyote Flats
First Ferron test
Discovery well Scofield-Thorpe 22-41
Scofield-Thorpe 23-31
Emery CBM pilot
Berry Leasehold
miles

24. Niobrara Natural Gas First mid-continent acquisition
Total average daily production (BOE)
First mid-continent acquisition
Acquired late Jan. 2005
Significant additional development:
700 locations
40-acre infill approved
Reserves:
15 MMBOE 12% of total
Niobrara

25. Yuma County Niobrara Gas Production
Purchased for $105 MM
Total resource of 140 Bcf
Net production of 9.1 MMcf/d
88 Bcf of proved reserves
672 producing wells
Drilled 12 wells to-date, permitting 80-plus wells, drilling 60 wells in 2005
Northern Yuma acreage largely covered by 3D seismic
Berry Fields

26. Tri-State Joint Venture
Partnered with Bill Barrett Corp.
50% working interest in over 345,000 acres of prospective acreage
Large footprint, adjacent to Yuma County gas assets
Evaluating the first joint venture Niobrara well in Sherman Co, KS
First horizontal Niobrara well to be drilled in May
Acquiring 530 miles of 2D seismic data beginning in April
Berry will operate the asset development
Tri-State Project Boundary

27. View of 2005 12% growth in production before acquisitions
Over $100 million of capital investment
Integration of new Niobrara gas properties
Initial appraisal of prospective Utah and Tri-State acreage
Continued excellent earnings and cash flow