Berry shareholders approve merger with California Resources

Berry Corporation (NASDAQ: BRY) shareholders voted to approve the company's combination with California Resources Corporation (NYSE: CRC), the company announced following a special meeting held December 15.

According to preliminary results, approximately 73% of Berry's total shares outstanding and approximately 98% of shares voted supported the transaction. Under the merger agreement terms, Berry shareholders will receive 0.0718 shares of CRC common stock for each Berry share they own.

The transaction is expected to close on December 18. Berry will file final voting results in a Form 8-K with the Securities and Exchange Commission.

Berry operates as an independent upstream energy company in the western United States, focusing on oil and gas reserves in California and Utah. The company runs two business segments: exploration and production, and well servicing and abandonment services. Its California assets are located in the San Joaquin Basin and contain 100% oil, while Utah assets in the Uinta Basin contain 70% oil.

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