For the second quarter ended June 30, 2008, net production averaged a record 29,000 barrels of oil equivalent per day (boe/d), a 7% increase from the 27,195boe/d achieved in the same period of 2007.
Revenues for the second quarter of 2008 were $215.4 million, compared to $179.22 million for the same period of 2007. Net income for the first six months of 2008 was $92.2 million or $2.03 per diluted share, up 30% from $70.8 million or $1.58 per diluted share in the comparable period of 2007.
Revenues for the six months of 2008 were $400.8 million, up 35% from $296.7 million, including a $50.4 million gain on sale of assets, in the same 2007 period. For the six months ended June 30, 2008, net production averaged 28,530boe/d, an 8% increase from the 26,330boe/d achieved in the same period in 2007.
Robert Heinemann, president and CEO of Berry Petroleum, said: Execution of our development plans to reach a mid-year production goal of 30,000boe/d has been a focus for each of our asset teams this year and I am pleased to announce that through growth in both our oil and gas assets we reached this production milestone and exited the second quarter of 2008 at 30,000boe/d from our base assets.
