Google Ad

California onshore oil company Berry Petroleum filed with the U.S. Securities and Exchange Commission (SEC) for a $100 million initial public offering (IPO) on Friday. Berry emerged from the bankruptcy of LINN Energy in May 2016. It will trade under $BRY.

Berry Petroleum

The filing is valued up to $100 million.Berry Petroleum filed confidentially on February 14, 2018.

The company intends to list its shares on the Nasdaq under the symbol $BRY.

The underwriters for the offering are Goldman Sachs, Wells Fargo and BMO Capital Markets.

About Berry Petroleum

The company is based in Bakersfield, California and was founded in 1909, Berry expanded its presence in areas outside of California beginning in 2003 as opportunities to acquire light oil and natural gas became available to grow its portfolio. Today, Berry has production in five states, and is always looking for acquisitions to continue the course of success and growth that C.J. envisioned when he drilled his first well on the Ethel D lease.

Berry is an independent privately-held energy company engaged in the acquisition, exploration, development and production of oil and natural gas reserves, currently focused in the San Joaquin Basin in California, the Uinta Basin in Utah, the Piceance Basin in Colorado and the East Texas Basin in East Texas.

LINN Energy and LinnCo acquired Berry in 2013 and subsequently LINN filed for bankruptcy in May 2016. Berry emerged from the bankruptcy as a stand-alone company on Feb 28, 2017.

Berry Petroleum Company, LLC is now an independent wholly-owned subsidiary of Berry Petroleum Corporation.

Berry booked $357 million in sales for the 12 months ended March 31, 2018. 

Source: Renaissance Capital, Berry Petroleum

Live From The Pit

Log in to comment
Discuss this article in the forums (1 replies).