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) January 23, 1997
Berry Petroleum Company
(Exact name of registrant as specified in its charter)
Delaware 1-9735 77-0079387
(State or other (Commission IRS Employer
jurisdiction of File Number) Identification No.
incorporation)
28700 Hovey Hills Road, P.O. Bin X, Taft, CA 93268
(Address of principal executive offices)
Registrant's telephone number, including area code (805) 769-8811
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
Berry Petroleum Company has reached a settlement with the federal
government and the State of California for civil damages arising from the
December 1993 oil pipeline release at the Company's West Montalvo site in
Ventura County, California.
On January 23, 1997, a civil lawsuit and accompanying Consent Decree was
filed by the federal and state governments in the United States Central
District Court in Los Angeles. In accordance with the Consent Decree, once
approved by the Court, the Company is required to pay approximately
$3.2 million to the federal and state governments. The Company has already
paid approximately $.6 million of the $3.2 million to state and federal
agencies for part of the response and assessment charges of those agencies
in connection with the oil release. The Company will pay approximately
$1.3 million of the remaining balance into a trust fund for restoration
activities at or near McGrath Lake, the site of the release, with the remainder
as payment of further response and assessment costs, civil damages and
penalties. Of the $3.2 million settlement, approximately 73% will be covered
through the Company's insurance. The settlement will have no negative impact
on the Company's income statement, as previous accruals for the settlement are
adequate.
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 hereunto duly authorized.
Date: January 23, 1997 Berry Petroleum Company
By: /s/ Jerry V. Hoffman
Jerry V. Hoffman, President
and Chief Executive Officer
