Berry Petroleum Corp. (NASDAQ: BRY) announced on Dec. 3 its exit from the East Texas Basin as the California-based E&P turns its focus on its core oil assets in the Golden State.

The sale comprised Berry’s noncore producing properties and related assets including 4,532 net acres located in the East Texas Basin. Production, comprised primarily of natural gas, was about 700 barrels of oil equivalent per day (boe/d) in third-quarter 2018.

An undisclosed company, which Berry CEO Trem Smith described as a local operator, agreed to acquire Berry’s position for $6.7 million in a transaction completed on Nov. 30.

To read the full story