BRY - Berry Corporation: Increased Cash Flow In 2022 Could Be A Catalyst

• Berry has weathered the last couple of years and structured its business to avoid the now outlawed steam fracks that regulators focus on.
• The company is working well with the state to secure drilling permits and expects to keep 3 rigs active for the rest of the year.
• The company's long cycle, low cost sandstone completion are very capital efficient, and drive down costs over time.
• We think Berry presents a reasonable investment case for investors with a high-risk tolerance for growth and increasing income.

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