form11k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
11-K
(Mark
One)
X
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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For
the Fiscal Year Ended December 31, 2006
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OR
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o
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 (NO FEE REQUIRED)
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For
the Transition Period From
Commission
File Number 1-9735
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A.
Full title of the Plan and the address of the Plan, if different
from that of the issuer named
below:
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BERRY
PETROLEUM COMPANY THRIFT PLAN
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B.
Name of issuer of the securities held pursuant to the Plan
and the
address of its principal executive
office:
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Berry
Petroleum Company
5201
Truxtun Avenue, Suite 300
Bakersfield,
CA 93309
BERRY
PETROLEUM COMPANY THRIFT PLAN
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INDEX
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Report
of Independent Registered Public Accounting Firm
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2
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Financial
Statements
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Statements
of Net Assets
Available for Benefits
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as
of
December 31, 2006 and 2005
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3
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Statement
of Changes in Net
Assets Available for Benefits
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for
the year ended
December 31, 2006
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4
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Notes
to Financial
Statements
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5
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Supplemental
Schedule
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Schedule
H, Line 4i - Schedule of
Assets (Held at End of Year)
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as
of December 31,
2006
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12
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REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the
Administrators of the
Berry
Petroleum Company Thrift Plan:
We
have
audited the accompanying statements of net assets available for benefits of
the
Berry Petroleum Company Thrift Plan (the Plan) as of December 31, 2006 and
2005,
and the related statement of changes in net assets available for benefits for
the year ended December 31, 2006. These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our
audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. The Plan
is not required to have, nor were we engaged to perform, an audit of its
internal controls over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Plan's
internal control over financial reporting. Accordingly, we express no
such opinion. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In
our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 2006 and 2005 and the changes in its net assets available for
benefits for the year ended December 31, 2006, in conformity with accounting
principles generally accepted in the United States of America.
Our
audits were made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedule of assets
(held at end of year) as of December 31, 2006, is presented for the purpose
of
additional analysis and is not a required part of the basic 2006 financial
statements, but is supplementary information required by the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is
the responsibility of the Plan's management. The supplemental
schedule has been subjected to the auditing procedures applied in our audit
of
the basic 2006 financial statements and, in our opinion, is fairly stated in
all
material respects, in relation to the basic 2006 financial statements taken
as a
whole.
As
further described in Note 2, the Plan adopted Financial Accounting Standards
Board Staff Position, AAG INV-1 and SOP 94-4-1, Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment Companies
Subject to the AICPA Investment Company Guide and Defined-Contribution Health
and Welfare and Pension Plans, for the years ended December 31, 2006 and
2005.
KMJ
Corbin & Company LLP
Irvine,
California
July
10,
2007
BERRY
PETROLEUM COMPANY THRIFT PLAN
Statements
of Net Assets Available for Benefits
December
31, 2006 and 2005
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2006
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2005
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ASSETS:
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Investments,
at fair value:
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Interest
bearing
cash
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$ |
243,292
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$ |
157,632
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Shares
in registered investment
companies
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18,814,921
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14,773,872
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Common
and collective
trust
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4,673,161
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5,589,077
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Common
stock of
sponsor
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4,271,131
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2,956,954
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Participants
loans
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502,959
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692,721
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28,505,464
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24,170,256
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Non-interest
bearing cash
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-
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119,409
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Accrued
income
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1,032
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562
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Net
assets available for benefits,
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at
fair value
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28,506,496
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24,290,227
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Adjustment
from fair value to contract value for
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fully
benefit-responsive
investment contracts
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46,969
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63,451
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Net
assets available for benefits
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$ |
28,553,465
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$ |
24,353,678
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The
accompanying notes are an integral part of these financial
statements.
BERRY
PETROLEUM COMPANY THRIFT PLAN
Statement
of Changes in Net Assets Available for Benefits
Year
Ended December 31, 2006
ADDITIONS:
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Additions
to net assets attributable to:
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Contributions:
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Participants
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$ |
1,720,366
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Employer
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1,211,832
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Rollovers
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202,419
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3,134,617
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Interest
and dividends
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1,434,508
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Interest
on participant loans
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45,301
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Net
appreciation in fair value of investments
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1,521,172
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3,000,981
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Total
additions
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6,135,598
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DEDUCTIONS:
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Deductions
from net assets attributable to:
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Administrative
fees
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4,137
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Deemed
distributions of participant loans
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7,714
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Benefits
paid to participants
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1,923,960
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Total
deductions
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1,935,811
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Net
increase in net assets
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4,199,787
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Net
assets available for benefits:
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Beginning
of year
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24,353,678
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End
of year
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$ |
28,553,465
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The
accompanying notes are an integral part of these financial
statements.
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BERRY
PETROLEUM COMPANY THRIFT
PLAN
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NOTES
TO FINANCIAL STATEMENTS
Note
1. Description of Plan
The
following description of the Berry Petroleum Company Thrift Plan (the Plan)
is
provided for general information purposes only. Participants should
refer to the Plan Agreement for more complete information.
The
Plan
is sponsored and administered by Berry Petroleum Company (the Company or Plan
Sponsor). The Plan is a defined contribution plan under Section 401(a) of the
Internal Revenue Code (the Code), which includes a cash or deferred arrangement
under 401(k) of the Code, and is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA), as amended. Employees
of the Company are immediately eligible for enrollment in the Plan upon their
hire date.
Contributions
Employees
who elect to participate in the Plan may contribute from 1% to 60% of their
eligible compensation, as defined in the Plan Agreement. Effective
January 1, 2006, the Plan was amended to change the Company match from a
variable rate ranging from 6% to 9% to a 100% match of each participant's
contribution up to the first 8% of the participant's eligible
compensation.
In
2007,
the Plan was amended to allow employees to contribute their 401(k) contributions
to a Roth 401(k) account. The first Roth 401(k) contributions began
April 1, 2007.
Participant
and employer contributions
are subject to statutory limitations, which for 2006 were $15,000 pre-tax and
$44,000 for total employee and employer contributions,
respectively. Employees who have attained the age of 50 by the end of
the Plan year are eligible to make an additional catch-up contribution, for
which the limit was $5,000 for 2006. Participants vest immediately in
their contributions, and vesting in employer contributions is at a rate of
20%
per year of service during the first five years of employment. In
addition, participants may elect to contribute a percentage of eligible
compensation into the Plan on an after-tax basis or as noted above as a Roth
401(k) contribution. After-tax contributions are subject to special
Internal Revenue Code rules which must be satisfied and reduce the maximum
amount a participant may contribute. Any contributions that adversely
affect the Plan’s non-discrimination tests may be refused or
refunded.
Contributions
made by or on behalf of Plan participants are invested as directed by the
participants and held under a trust agreement in one or more of the investment
options selected by the Plan Sponsor in accordance with the provisions of the
Plan Agreement. Employees may choose to have their contributions
invested in the Fidelity Managed Income Portfolio, the Berry Petroleum Company
Common Stock Fund and a selection of mutual funds.
BERRY
PETROLEUM COMPANY THRIFT PLAN
NOTES
TO FINANCIAL STATEMENTS
Note
1. Plan Description, continued
Investment
Funds
The
investment selections available to participants are as follows:
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Spartan
U.S. Equity Index Fund
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Fidelity
Managed Income Portfolio
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CRM
Mid Cap Fund (1)
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Fidelity
Contrafund
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ABF
Small Cap Value PA Fund
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Fidelity
Diversified International Fund
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ABF
Large Cap Value PA Fund
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Fidelity
Inflation Protected Bond Fund
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Morgan
Stanley Institutional -
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Fidelity
Low-Priced Stock Fund
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Equity
Growth Portfolio B Fund
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Fidelity
Puritan Fund
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PIMCO
High Yield Admin Fund
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Fidelity
U.S. Bond Index Fund
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RS
Smaller Company Growth Fund
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Fidelity
Freedom Income Fund
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Fidelity
Freedom Funds (2)
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(1)
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Option
added as of February 27, 2006.
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(2)
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The
entire range of Freedom Funds are available and comprise the Freedom
2000,
2005, 2010, 2015
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2020,
2025, 2030, 2035, 2040, 2045 and 2050. Not all of these funds are
currently being used by participants.
The
following investments had fair
values at December 31, 2006 and 2005 representing more than 5% of net assets
available for benefits:
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2006
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2005
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Fidelity
Managed Income
Portfolio
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$ |
4,673,161
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(a) |
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$ |
5,589,077
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(a) |
Berry
Petroleum Company Common Stock Fund
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4,515,424
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(b) |
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3,234,557
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(b) |
Fidelity
Diversified
International Fund
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3,949,574
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2,553,393
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Fidelity
Contrafund
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3,378,562
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3,083,824
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Fidelity
Low-Priced Stock
Fund
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2,875,574
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2,600,759
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Spartan
U.S. Equity Index
Fund
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2,236,371
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2,106,217
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ABF
Large Cap Value PA
Fund
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1,559,371
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*
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* Indicates
that the investment balance represented less than 5% of the Plan's
assets.
(a) The
schedule reflects the fair value. The contract value of the
investment at December 31, 2006 and 2005,was $4,720,130 and $5,652,528,
respectively.
(b) Investment
balances include cash and cash equivalents of $243,261 and $277,041 at December
31, 2006and 2005, and accrued income of $1,032 and $562 at December 31, 2006
and
2005, respectively.
BERRY
PETROLEUM COMPANY THRIFT PLAN
NOTES
TO FINANCIAL STATEMENTS
Note
1. Plan Description, continued
Trustees
and Administration
The
Company has entered into a trust
agreement with Fidelity Management Trust Company (Fidelity) to handle duties
as
the named Trustee for the Plan. Three officers of the Company, Walter
B. Ayers, Ralph J. Goehring and Kenneth A. Olson, are the Administrators of
the
Plan, and Berry Petroleum Company is the Plan Sponsor. The Administrators have
the authority to delegate plan administration duties as necessary. On
November 16, 2006, the Board of Directors of Berry Petroleum Company approved
Mr. Ayers replacing Mr. Heinemann as an Administrator for the
Plan. Certain administrative expenses are paid by the
Company. Fidelity, as the Trustee, receives contributions from the
Plan Sponsor, invests and reinvests the Plan’s assets, determines the market
value of Plan assets, prepares statements and processes loans and withdrawals
to
beneficiaries.
Participant
Accounts
Participants
can access their accounts
at any time with Fidelity’s Net Benefits online service. Each
participant account is credited with the participant’s and the Company’s
contributions, and the allocation of any Plan earnings or losses. Earnings
or
losses are allocated on a fund-by-fund basis. Allocations are based
on the ratio of the participant’s account balance in each investment option to
the total assets of the investment option. Forfeitures of terminated
participants’ non-vested accounts may be allocated to participants’ accounts as
an additional Company match or used to offset Plan expenses. If there
is an allocation of forfeitures to participants’ accounts, it is based on
service units from 0 to 12 depending on months of service during the
year. Only employees who are active participants at December 31 each
year are eligible for the allocation of forfeitures to their
accounts. The Plan had unallocated forfeitures at December 31, 2006
and 2005 of $41,619 and $29,939, respectively, which were allocated to
participants accounts in January 2007 and 2006, respectively.
Participant
Loans
Participants
are entitled to borrow
from their vested account balances in amounts from $1,000 to $50,000, but not
in
excess of 50% of their vested account balances. Interest is computed
based on the prime rate in the Wall Street Journal on the date of the
application, plus 1%. A maximum of two loans can be outstanding at
any one time and each loan must be repaid over a period of 1 to 5 years, unless
the loan is for the purchase of a principal residence, in which case the loan
may be repaid over a period of 10 years. Each loan is supported by a
promissory note with the participant’s account balance as
collateral. In the event of default, death, disability or termination
of employment, the entire outstanding principal balance and accrued interest
may
become immediately due and payable.
Hardship
Withdrawals
The
Plan allows for hardship
withdrawals to pay certain housing, health or education expenses if the
participant does not have other funds available for these
expenses. Internal Revenue Service (IRS) regulations require that a
participant cannot make contributions to the Plan for six months after taking
a
hardship withdrawal. In addition, participants will not receive
matching contributions or forfeitures for the six months they are ineligible
to
participate in the Plan. For the year ended December 31, 2006, the
Plan had no hardship withdrawals.
BERRY
PETROLEUM COMPANY THRIFT PLAN
NOTES
TO FINANCIAL STATEMENTS
Note
1. Plan Description, continued
Payment
of Benefits
Upon
termination of service due to
retirement, death, disability or other reasons, the participant or beneficiary,
in the case of death, can request withdrawal of his or her account equal to
the
value of the vested balance in the participant account, reduced by any unpaid
loan balance. If desired, a participant can leave the account balance
in the Plan until the participant attains the age 70 1/2 unless the
participant’s vested account balance is less than $5,000, in which case the
vested account balance can be distributed to the participant. The
Plan allows withdrawals from the participant accounts in the form of installment
payments in addition to lump sum distributions.
Plan
Termination
Although
it is anticipated that the
Plan will remain in effect indefinitely, the Company has the right to
discontinue its contributions and terminate the Plan subject to the provisions
of the Employee Retirement Income Security Act of 1974. In the event
of complete or partial termination of the Plan, participants become 100% vested
in the employer contributions and earnings thereon. Upon termination
of the Plan, all participants have equal priority in the distribution of any
Plan assets in excess of Plan liabilities.
Note
2. Summary of Significant Accounting Policies
Basis
of Accounting
The
Plan’s financial statements are
prepared using the accrual method of accounting in accordance with accounting
principles generally accepted in the United States of America.
Use
of Estimates
The
preparation of financial statements
in conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect
the
reported amounts of net assets available for benefits and changes
therein. Actual results could differ from those
estimates.
Investments
Investments
are stated at fair
value. Quoted market prices are used to determine the fair value of
the equity securities of the Berry Petroleum Company Stock
Fund. Investments in shares of registered investment companies are
stated at fair value, based on the net asset value of the underlying investments
and are valued daily. Investments in common and collective trusts are
stated at fair value based on the value of the underlying investments as
determined by the Trustee and are expressed in units. Participant
loans are stated at cost, which approximates fair value.
BERRY
PETROLEUM COMPANY THRIFT PLAN
NOTES
TO FINANCIAL STATEMENTS
Note
2. Summary of Significant Accounting Policies,
continued
Investments,
continued
The
Fidelity Managed Income Portfolio
Fund (Managed Income Fund) consist primarily of investments in short-term bonds
and other fixed income securities, mortgage backed securities, asset-backed
securities and derivative instruments. The Managed Income Fund also
purchases third party wrap contracts and investment contracts offered by
insurance companies and other approved financial institutions that provide
for
the payment of a specified rate of interest. The Managed Income Fund
is considered to be fully benefit-responsive, and the wrap and investment
contracts in the fund assure that payments will be made for participant directed
withdrawals at contract value. In determining the net assets
available for benefits, the Managed Income Fund is included in the accompanying
financial statement at contract value, which represents contributions made
under
the contract plus earnings, less withdrawals and administrative
expenses. As provided in the FSP (see below) an investment contract
is generally valued at contract value, rather than fair value, to the extent
it
is fully benefit-responsive. The average yield to maturity and
crediting interest rate for the fund was approximately 4.27% and 3.65% at
December 31, 2006 and 2005, respectively.
In
accordance with the policy of
stating Plan assets at their fair value, the Plan presents the net appreciation
(depreciation) in the fair value of its investments in the statement of changes
in net assets, which consists of the realized gains or losses and the unrealized
appreciation (depreciation) on those investments.
Purchases
and sales of securities are
recorded on a trade-date basis. Interest income is recorded on the
accrual basis. Dividends are recorded on the ex-dividend
date.
Payment
of Benefits
Benefit
payments to participants are recorded when paid.
Expenses
of the Plan
The
Plan’s administrative expenses are
paid by either the Plan or the Plan’s Sponsor as provided by the Plan
Agreement.
Adoption
of New Accounting Pronouncement
As
described in the Financial
Accounting Standards Board Staff Position, FSP AAG INV-1 and SOP
94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by
Certain Investment Companies Subject to the AICPA Investment Company Guide
and
Defined Contribution Health and Welfare and Pension Plans (the FSP),
investment contracts held by a defined contribution plan are required to be
reported at fair value. However, contract value is the relevant
measurement attribute for that portion of the net assets available for benefits
of a defined contribution plan attributable to fully benefit-responsive
investment contracts because contract value is the amount participants would
receive if they were to initiate permitted transactions under the
terms
of
the plan. As required by the FSP, the Statement of Net Assets
Available for Benefits presents the adjustments of the investment contracts
from
fair value to contract value. The Statement of Changes in Net Assets
Available for Benefits is prepared on a contract value basis.
BERRY
PETROLEUM COMPANY THRIFT PLAN
NOTES
TO FINANCIAL STATEMENTS
Note
2. Summary of Significant Accounting Policies,
continued
Adoption
of New Accounting Pronouncement, continued
The
Plan has adopted the financial
statement presentation and disclosure requirements effective December 31, 2006
and retroactively restated the statement of net assets for the periods
presented. The effect of adopting the FSP had no impact on net assets
which have been historically presented at contract value.
Note
3. Tax Status
Fidelity
Management Trust Company, the Plan’s Trustee, received a favorable IRS
Determination Letter from the IRS for their Prototype Plan (the Prototype Plan)
in November 2002. On June 1, 2003, the Company adopted Fidelity’s
Prototype 401(k) Plan conforming the operations of the Plan to the Prototype
Plan, thereby allowing the Company to rely on Fidelity’s current and future
favorable IRS determination letters. Although the Plan has been
amended since receiving the determination letter, the Plan Sponsor believes
the
Plan is designed, and is currently being operated, in compliance with the
applicable requirements of the Internal Revenue Code.
Note
4. Transactions with Parties-in-Interest and Related Party
Transactions
During
the years ended December 31, 2006 and 2005, there were transactions involving
investment of Plan assets in investment funds maintained by the Plan's Trustee
and participant loans. The Trustee and participants are considered to
be parties-in-interest as defined in Section 3(14) of ERISA. One of
the Plan’s investment options is Berry Petroleum Company Common Stock which is
purchased by the Plan's Trustee in the open market.
During
the year ended December 31, 2006, the Plan Sponsor paid $52,229 of Plan
administration and employee education costs. In addition, as of
December 31, 2006 and 2005, the Plan had outstanding participant loan balances
of $502,959 and $692,721, respectively. All of these transactions are
considered exempt party-in-interest transactions under ERISA.
BERRY
PETROLEUM COMPANY THRIFT PLAN
NOTES
TO FINANCIAL STATEMENTS
Note
5. Reconciliation of Financial Statements to Form
5500
The
following is a reconciliation of
net assets available for plan benefits per the financial statements to the
amount per the Form 5500 as of December 31, 2006:
Net
assets available for benefits per the financial statements
|
|
$ |
28,553,465
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for fully
benefit-responsive
|
|
|
|
|
investment
contracts
|
|
|
(46,969 |
) |
|
|
|
|
|
Net
assets available for benefits per the Form 5500
|
|
$ |
28,506,496
|
|
|
|
|
|
|
The
following is a reconciliation
of investment income per the financial statements to the amount per
the
Form 5500 for the year ended December 31, 2006:
|
|
|
|
|
|
|
|
|
|
Investment
income per the financial statements
|
|
$ |
3,000,981
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for fully
benefit-responsive
|
|
|
|
|
investment
contracts for the year
ended December 31, 2006
|
|
|
(46,969 |
) |
|
|
|
|
|
Investment
income per the Form 5500
|
|
$ |
2,954,012
|
|
|
|
|
|
|
Note
6. Risks and Uncertainties
The
Plan
provides for investments in any combination of mutual funds, Berry Petroleum
Company Common Stock and a Managed Income Portfolio, with
different investment strategies. These investments are exposed to
various risks, such as interest rate, market and credit risks. Due to
the level of risk associated with certain investments and the level of
uncertainty related to the changes in the value of these investments, it is
at
least reasonably possible that changes in risks in the near term would
materially affect participants’ account balances and the amounts reported in the
statements of net assets available for benefits and the statement of changes
in
net assets available for benefits.
BERRY
PETROLEUM COMPANY THRIFT PLAN
Plan
# 002 EIN # 77-0079387
Schedule
I - Schedule H, Line 4i Schedule of Assets (Held at End of
Year)
As
of December 31, 2006
(a)
|
|
(b)
|
|
(c)
|
|
(e)
|
|
|
|
|
Description
of investment, including maturity date, rate of interest, collateral,
par
or maturity value
|
|
Current
Value
|
*
|
|
Fidelity
Managed Income Portfolio
|
|
Common
Collective Trust
|
|
$ 4,673,161
|
*
|
|
Berry
Petroleum Company Common Stock Fund ***
|
|
Class
A Common Stock Fund ($0.01 par value)
|
|
4,515,424
|
*
|
|
Fidelity
Diversified International Fund
|
|
Mutual
Fund
|
|
3,949,574
|
*
|
|
Fidelity
Contrafund
|
|
Mutual
Fund
|
|
3,378,562
|
*
|
|
Fidelity
Low-Priced Stock Fund
|
|
Mutual
Fund
|
|
2,875,574
|
*
|
|
Spartan
U.S. Equity Index Fund
|
|
Mutual
Fund
|
|
2,236,371
|
|
|
ABF
Large Cap Value PA Fund
|
|
Mutual
Fund
|
|
1,559,371
|
|
|
CRM
Mid Cap Val Inv Fund
|
|
Mutual
Fund
|
|
749,893
|
*
|
|
Fidelity
Freedom 2020 Fund
|
|
Mutual
Fund
|
|
510,718
|
|
|
Morgan
Stanley Institutional Equity Growth B Fund
|
|
Mutual
Fund
|
|
494,784
|
|
|
ABF
Small Cap Value PA Fund
|
|
Mutual
Fund
|
|
488,815
|
|
|
RS
Smaller Co. Growth Fund
|
|
Mutual
Fund
|
|
407,689
|
*
|
|
Fidelity
US Bond Index Fund
|
|
Mutual
Fund
|
|
352,350
|
*
|
|
Fidelity
Freedom 2030 Fund
|
|
Mutual
Fund
|
|
329,333
|
*
|
|
Fidelity
Puritan Fund
|
|
Mutual
Fund
|
|
298,877
|
*
|
|
Fidelity
Freedom 2010 Fund
|
|
Mutual
Fund
|
|
280,765
|
|
|
Pimco
High Yield Admin Fund
|
|
Mutual
Fund
|
|
268,494
|
*
|
|
Fidelity
Freedom 2040 Fund
|
|
Mutual
Fund
|
|
208,282
|
*
|
|
Fidelity
Inflation Protected Bond
|
|
Mutual
Fund
|
|
161,490
|
*
|
|
Fidelity
Freedom 2025 Fund
|
|
Mutual
Fund
|
|
147,071
|
*
|
|
Fidelity
Freedom Income Fund
|
|
Mutual
Fund
|
|
69,994
|
*
|
|
Fidelity
Freedom 2000 Fund
|
|
Mutual
Fund
|
|
43,574
|
*
|
|
Fidelity
Freedom 2035 Fund
|
|
Mutual
Fund
|
|
1,709
|
*
|
|
Fidelity
Freedom 2015 Fund
|
|
Mutual
Fund
|
|
1,631
|
|
|
Fidelity
Retirement Money Market **
|
|
Money
Market
|
|
31
|
|
|
|
|
|
|
|
|
|
Total
Investments
|
|
|
|
28,003,537
|
|
|
|
|
|
|
|
*
|
|
Participant
loans
|
|
Interest
bearing loans at prime rate plus 1% to 2%; interest rates on outstanding
loans range from 6% to 10% for a period of 1 to 5 years.
|
|
502,959
|
|
|
|
|
|
|
|
|
|
Net
assets available for benefits
|
|
|
|
$ 28,506,496
|
|
|
* Party-in-interest
|
|
|
|
|
|
|
** Fidelity
Retirement Money Market Funds unallocated to participant accounts
at
year- end.
|
|
|
|
|
***
Includes 137,734 shares of Class A Common Stock, $0.01 par
value,
|
|
|
|
|
and
cash of $243,261 and accrued income of $1,032.
|
|
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Administration
Committee has duly caused this annual report to be signed on behalf of the
Plan
by the undersigned hereunto duly authorized.
BERRY
PETROLEUM COMPANY
Thrift
Plan
/s/
Kenneth A. Olson
Kenneth
A. Olson
Member
of
the Administration Committee
Date:
July 10, 2007
EXHIBIT
INDEX
Exhibit
Number Description
23.1
Consent
of Independent
Registered Public Accounting Firm (filed herewith).