Berry Petroleum upsizes credit facility to $750 million

By Sara Rosenberg

New York, April 28 - Berry Petroleum Co. increased its credit facility to $750 million from $500 million, according to a company news release.

In addition, the borrowing base was increased to $500 million from $350 million.

"Our stable production base and existing hedge position allow us to increase our borrowing capacity so that we can continue to grow the company through acquisitions. Over the last few years we have made several sizable acquisitions and, including our recent Piceance Basin, [Colo.,] acquisition, our outstanding debt under the facility at March 31, 2006 was approximately $250 million," said Ralph Goehring, executive vice president and chief financial officer, in the release.

Berry Petroleum is a Bakersfield, Calif., independent oil and gas production and exploitation company.

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