Berry Petroleum sells non-core East Texas natural gas assets
DALLAS -- Berry Petroleum Corporation has completed a transaction to sell its non-core producing properties and related assets located in the East Texas Basin for $6.7 million. Production, comprised primarily of natural gas, was approximately 0.7 MMbpd in the third-quarter 2018 from 4,532 net acres. Divesting the East Texas properties follows Berry’s stated strategy of focusing on and growing its core oil assets. This transaction moves Berry’s production profile from approximately 80% oil to 83% oil. The effective date of the sale is July 1, 2018.
