“We kicked off our new shareholder return model (SRM) with a first quarter cash return of $0.19 per share ($0.13 per share variable dividend and $0.06 per share fixed dividend). Our SRM provides for other return opportunities including investing in organic growth, share repurchases and advancing our short- and long-term sustainability initiatives,” said Cary Baetz, chief financial officer and executive vice president. “Last week we were approached by one of our largest shareholders with an opportunity to repurchase a significant number of shares which our Board approved, and we acted on. Based on the current oil strip price, the purchase price for these shares was an attractive return for the Berry shareholders. Additionally, the effective price we paid for these shares should be reduced by the amount of cash we’ll save on future dividends on these shares.”

The Board’s authorization for Berry’s share repurchase program permits the Company to make purchases of its common stock from time to time in the open market and in privately negotiated transactions, subject to market conditions and other factors, up to the aggregate amount authorized by the Board. The Board’s authorization has no expiration date.

About Berry

Berry is a publicly traded (NASDAQ:BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived, conventional oil reserves located primarily in the San Joaquin basin of California. We also have well servicing and abandonment capabilities in California. More information can be found at the Company’s website at www.bry.com.

Forward Looking Statements

GLJ

The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address plans, activities, events, objectives, goals, strategies, or developments that the Company expects, believes or anticipates will or may occur in the future, including expectations relating to our share repurchase program and our shareholder return model. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although we believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control. Therefore, such forward-looking statements involve significant risks and uncertainties that could materially affect our expected results of operations, liquidity, cash flows and business prospects, including risks related to market conditions associated with our share repurchase program and our shareholder return model and those risks described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. You can typically identify forward-looking statements by words such as aim, anticipate, achievable, believe, budget, continue, could, effort, estimate, expect, forecast, goal, guidance, intend, likely, may, might, objective, outlook, plan, potential, predict, project, seek, should, target, will or would and other similar words that reflect the prospective nature of events or outcomes. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by applicable law. Investors are urged to consider carefully the disclosure in our filings with the Securities and Exchange Commission, available from us at via our website or via the Investor Relations contact below, or from the SEC’s website at www.sec.gov.

Contact

Todd Crabtree – Director, Investor Relations
(661) 616-3811