Document:

EX-10.13

 Exhibit 10.13 

EVP Form of PRSU Award Agreement 

PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT 

PURSUANT TO THE 
 BERRY
PETROLEUM CORPORATION 2017 OMNIBUS INCENTIVE PLAN 
 * * * * * 
  

					
	Participant:	  	 	  	
	Grant Date:	  	 	  	
	 Number of Performance-Based
	  	 	  	
	Restricted Stock Units (“PRSUs”):	  		  	
	Performance Vesting Conditions:	  	See Exhibit A
	Performance Period:	  	                         (except as otherwise provided in Section 3(c)
below)

 * * * * * 

THIS PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) dated as of the Grant Date specified
above (“Grant Date”), is entered into by and between Berry Petroleum Corporation, a corporation organized in the State of Delaware (the “Company”), and the Participant specified above, pursuant to the Berry
Petroleum Corporation 2017 Omnibus Incentive Plan, as in effect and as amended from time to time (the “Plan”). 

WHEREAS, the Committee has determined that it would be in the best interests of the Company and its stockholders to grant this award
(this “Award”) of Performance-Based Restricted Stock Units (“PRSUs”) to the Participant. 
 NOW,
THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows: 

1.    Incorporation By Reference; Plan Document Receipt. Except as specifically provided herein, this
Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to this Award),
all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. Except as provided otherwise herein, any capitalized term not defined in this Agreement shall have the same
meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms
of this Agreement and the terms of the Plan, the terms of this Agreement shall control. 
 2.    Grant of
PRSUs. The Company hereby grants to the Participant, on the Grant Date, the number of PRSUs set forth above, which, depending on the extent to which the Performance Vesting Conditions (as set forth in Exhibit A) are satisfied, may
result in the Participant earning as few as zero (0) percent or as many as one hundred percent (100%) of the PRSUs subject to this Award. Subject to the terms of this Agreement and the Plan, each PRSU, to the extent it becomes a vested PRSU,
represents the right to receive one (1) share of Common Stock. Unless and until a PRSU becomes vested, the Participant will have no right to settlement of such PRSU. Except as otherwise provided by the Plan, the Participant agrees and

  
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understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest
in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of the shares of Common Stock underlying the PRSUs, except as otherwise specifically provided for in
the Plan or this Agreement. 
 3.    Vesting; Forfeiture. 

(a)    Vesting Generally. Except as otherwise provided in this Section 3, the PRSUs
subject to this Award shall become vested in accordance with the Performance Vesting Conditions set forth on Exhibit A hereto. 

(b)    Death or Disability. In the event of the Participant’s Termination by reason of death or Disability,
the Participant will immediately and fully vest in one hundred percent (100%) of the PRSUs subject to this Award. 

(c)    Termination Without Cause; Resignation for Good Reason. In the event of the Participant’s Termination
by the Company or other employing Affiliate without Cause or by the Participant for Good Reason (each, a “Qualifying Termination”), subject to the Participant’s execution and non-revocation of a general release of claims in
favor of the Company within sixty (60) days of such Termination and continued compliance with all applicable restrictive covenants, then (i) any then-outstanding PRSUs will not be forfeited upon the Participant’s Termination and (ii) such
PRSUs will vest, if at all, based upon the Company’s actual performance relative to the Performance Vesting Conditions, provided, that, the last day of the Performance Period shall for this purpose be deemed to be the earlier of (A) the date
that is twelve (12) months following the Participant’s date of Termination or (B) the last day of the originally scheduled Performance Period. 

(d)    Committee Discretion to Accelerate Vesting. In addition to the foregoing, the Committee may, in its sole
discretion, accelerate vesting of the PRSUs at any time and for any reason. 
 (e)    Forfeiture. All outstanding
unvested PRSUs shall be immediately forfeited and cancelled for no consideration upon the Participant’s Termination of employment by the Company or other employing Affiliate for Cause or by the Participant without Good Reason. For avoidance of
doubt, the continuous employment or service of the Participant shall not be deemed interrupted, and the Participant shall not be deemed to have incurred a Termination, by reason of the transfer of the Participant’s employment or service among
the Company and/or its Subsidiaries and/or Affiliates. 
 (f)    Change in Control. All outstanding unvested
PRSUs subject to this Award shall become fully and immediately vested upon the consummation of a Change in Control. 

4.    Delivery of Shares. 

(a)    General. Subject to the provisions of Section 4(b) hereof, within thirty
(30) days following the vesting of the PRSUs, the Participant shall receive the number of shares of Common Stock that correspond to the number of PRSUs that have become vested on the applicable vesting date, less any shares of Common Stock
withheld by the Company pursuant to Section 9 hereof. 
 (b)    Blackout Periods. If
the Participant is subject to any Company “blackout” policy or other trading restriction imposed by the Company on the date such distribution would otherwise be made pursuant to Section 4(a) hereof, such
distribution shall be instead made on the earlier of (i) the date that the Participant is not subject to any such policy or restriction and (ii) the later of (A) the end of the calendar year in which such distribution would otherwise
have been made and (B) a date that is immediately prior to the expiration of two and one-half months following the date such distribution would otherwise have been made hereunder. 

5. Dividends; Rights as Stockholder. Cash dividends on the number of shares of Common Stock issuable hereunder shall be
credited to a dividend book entry account on behalf of the Participant with respect to each PRSU granted to the Participant, provided that such cash dividends shall not be deemed to be reinvested in shares of Common Stock and shall be held
uninvested and without interest and paid in cash at the same time that the shares of Common Stock underlying the PRSUs are delivered to the Participant in accordance with the provisions hereof. Stock or property dividends on shares of Common Stock
shall be credited to a dividend book entry account on behalf of the Participant with respect to each PRSU granted to 
  

  
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the Participant, provided that such stock or property dividends shall be paid in (i) shares of Common Stock, (ii) in the case of a spin-off,
shares of stock of the entity that is spun-off from the Company, or (iii) other property, as applicable and in each case, at the same time that the shares of Common Stock underlying the PRSUs are
delivered to the Participant in accordance with the provisions hereof. Except as otherwise provided herein, the Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by any PRSU unless and until the
Participant has become the holder of record of such shares. 

6.    Non-Transferability. No portion of the PRSUs may be sold,
assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the PRSUs as provided herein. 

7.    Restrictive Covenants. As a condition precedent to the Participant’s receipt of the PRSUs issued
hereunder, the Participant agrees to continue to be bound by the restrictive covenant obligations set forth in that certain employment agreement dated as of
                                     by and between the Participant,
the Company, and Berry Petroleum Company, LLC (the “Employment Agreement”). 
 8.    Governing
Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.

 9.    Withholding of Tax. The Participant agrees and acknowledges that the Company shall have the power
and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI
obligations) which the Company, in its good faith discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the PRSUs, and if the withholding requirement cannot
be satisfied, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Without limiting the foregoing, if the Common Stock is not listed for trading on a national
exchange at the time of vesting and/or settlement of the PRSUs, then at the Participant’s election, the Company shall withhold shares of Common Stock otherwise deliverable to the Participant hereunder with a Fair Market Value equal to the
Participant’s total income and employment taxes imposed as a result of the vesting and/or settlement of the PRSUs, but only to the extent permitted by applicable accounting rules so as not to affect accounting treatment. 

10.    Legend. The Company may at any time place legends referencing any applicable federal, state or
foreign securities law restrictions on all certificates, if any, representing shares of Common Stock issued pursuant to this Agreement. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates,
if any, representing shares of Common Stock acquired pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 10. 

11.    Securities Representations. This Agreement is being entered into by the Company in reliance upon the
following express representations and warranties of the Participant. The Participant hereby acknowledges, represents and warrants that: 

(a)    The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule
144 under the Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this Section 11. 

(b)    If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the shares of
Common Stock issuable hereunder must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement 

  
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(or a ‘‘re-offer prospectus”) with regard to such shares of Common Stock and the Company is under no obligation to register such shares of
Common Stock (or to file a “re-offer prospectus”). 
 (c)    If the
Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Participant understands that (i) the exemption from registration under Rule 144 will not be available unless (A) a public trading market then
exists for the Common Stock of the Company, (B) adequate information concerning the Company is then available to the public, and (C) other terms and conditions of Rule 144 or any exemption therefrom are complied with, and (ii) any
sale of the shares of Common Stock issuable hereunder may be made only in limited amounts in accordance with the terms and conditions of Rule 144 or any exemption therefrom. 

12.    No Waiver. No waiver or non-action by either party hereto
with respect to any breach by the other party of any provision of this Agreement shall be deemed or construed to be a waiver of any succeeding breach of such provision, or as a waiver of the provision itself. 

13.    Entire Agreement; Amendment. This Agreement, together with the Plan, contains the entire agreement
between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the
right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The
Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof. 

14.    Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such
notice shall be deemed duly given only upon receipt thereof by the Chairman of the Board of Directors of the Company. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only
upon receipt thereof at such address as the Participant may have on file with the Company. 
 15.    No Right to
Employment or Service. Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and
with or without Cause, in accordance with and subject to the terms and conditions of the Employment Agreement. 

16.    Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the
transmission by the Company (or any Subsidiary) of any personal data information related to the PRSUs awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan). This authorization
and consent is freely given by the Participant. 
 17.    Compliance with Laws. The grant of PRSUs and the
issuance of shares of Common Stock hereunder shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of
the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule regulation or exchange requirement applicable thereto. The Company shall not be obligated to issue the PRSUs
or any shares of Common Stock pursuant to this Agreement if any such issuance would violate any such requirements. As a condition to the settlement of the PRSUs, the Company may require the Participant to satisfy any qualifications that may be
necessary or appropriate to evidence compliance with any applicable law or regulation. 

  
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 18.    Binding Agreement; Assignment. This Agreement shall
inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign any part of this Agreement without the prior express written consent of the Company. 

19.    Headings. The titles and headings of the various sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed to be a part of this Agreement. 

20.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, but all of which shall constitute one and the same instrument. 
 21.    Further
Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto
reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder; provided that no such additional documents shall contain terms or
conditions inconsistent with the terms and conditions of this Agreement. 
 22.    Severability. The
invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of
any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. 

23.    Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or
amend the Plan at any time; (b) the award of PRSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without
limitation, the PRSUs awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be
considered as part of such salary in the event of severance, redundancy or resignation. 
 [Remainder of Page Intentionally Left Blank]

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of this 1st day of
September, 2017. 
  

			
	BERRY PETROLEUM CORPORATION
		
	By:	 	  

	Name:	 	Arthur T. Smith
	Title:	 	President and CEO
	
	PARTICIPANT
	
	  

	Name:	 	[            ]

 EXHIBIT A 

PERFORMANCE VESTING CONDITIONS 
  

	 	1.	[            ] of the PRSUs subject to this Award will vest if the volume weighted average price per share (“VWAP”) of the Common Stock equals
or exceeds $13.00 for thirty (30) consecutive trading days during the Performance Period; 

  

	 	2.	[            ] of the PRSUs subject to this Award will vest if the VWAP of the Common Stock equals or exceeds $15.00 for thirty (30) consecutive trading
days during the Performance Period; and 

  

	 	3.	[            ] of the PRSUs subject to this Award will vest if the VWAP of the Common Stock equals or exceeds $17.00 for thirty (30) consecutive trading
days during the Performance Period. 

 All unvested PRSUs subject to this Award that are outstanding as of the date immediately following the
last day of the Performance Period shall be forfeited and cancelled for no consideration.EX-10.20

 Exhibit 10.20 

STOCK PURCHASE AGREEMENT 

This STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into as of July    , 2018, by and
between Berry Petroleum Corporation, a Delaware corporation (the “Company”), and each of the parties identified on Schedule I hereto (each a “Seller” and collectively, the
“Sellers”). 
 Background 

A.    Each Seller desires to sell to the Company, at the price and upon the terms and conditions set forth in this
Agreement, the number of shares of common stock, par value $0.001 per share (the “Common Stock”), of the Company set forth opposite such Seller’s name on Schedule I hereto (each such share of
Common Stock to be sold by such Seller, a “Purchased Interest” of such Seller); provided that in the event of a decrease (such decrease, a “Downsize”) in the number of shares of Common Stock to
be sold in the Public Offering (as defined herein), which decrease shall be in the sole discretion of a Pricing Committee of the board of directors of the Company (the “Pricing Committee”), the Purchased Interests of each
Seller shall be adjusted as set forth in the footnotes to Schedule I; 
 B.    The Company desires to purchase each
Seller’s Purchased Interests at the price and upon the terms and conditions set forth in this Agreement (the “Purchases”); 

C.    The Company is conducting a public offering (the “Public Offering”) of shares of its Common
Stock (the “Underwritten Shares”) pursuant to an Underwriting Agreement, expected to be entered into on or about July 25, 2018 (the “Underwriting Agreement”); 

D.    The Company intends to use a portion of the net proceeds received from the Public Offering to complete the
Purchases. 
 E.    The board of directors of the Company has approved the transactions contemplated by this Agreement
for purposes of Rule 16b-3 under the Securities Exchange Act of 1934 (the “Exchange Act”), which approval is intended to exempt each disposition by each Seller of its
respective Purchased Interests, to the extent that such Seller or any person affiliated with it may be deemed an officer or director of the Company, including a “director by deputization,” from Section 16(b) of the Exchange Act. 

NOW THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the undersigned hereby agree as follows: 
 Agreement 

1.    Purchase. 

(a)    Firm Closing 

i.    At the Firm Closing (as defined below), subject to the satisfaction of the conditions and to the terms set forth in
paragraphs 1(a)(ii) and 1(a)(iii) below, each 

 
Seller, severally and not jointly, hereby agrees to transfer, assign, sell, convey and deliver to the Company 100% of its right, title and interest in and to such Seller’s Purchased
Interests, and the Company hereby agrees to purchase such Purchased Interests, at a purchase price per Purchased Interest equal to the per share price at which the Company sells the Underwritten Shares to the underwriters in the Public Offering (the
“Per Share Purchase Price”). 
 ii.    The obligations of the Company to purchase Purchased
Interests from any Seller at the Firm Closing shall be subject to (x) the closing of the Public Offering, (y) the representations and warranties of such Seller hereunder being true and correct in all material respects as of the Closing and
(iii) such Seller having complied in all material respects with all of the covenants required to be performed by such Seller pursuant to this Agreement on or prior to the Firm Closing. 

iii.    The closing of the sale of the Purchased Interests (the “Firm Closing”)
shall take place immediately following the initial closing of the Public Offering, at the offices of the Company, or at such other time and place as may be agreed upon by the Company and the Sellers. 

iv.    At the Firm Closing, each Seller shall deliver to the Company, or as instructed by the Company, duly executed
transfer powers relating to such Seller’s Purchased Interests and the Company agrees to deliver to such Seller the Applicable Purchase Price by wire transfer of immediately available funds to the account(s) specified in writing by such Seller.
“Applicable Purchase Price” means, with respect to any Seller, the product of the Per Share Purchase Price and the aggregate number of Purchased Interests being sold by such Seller at such closing pursuant to the terms of
this Agreement. 
 (b)    Neither the Company nor any of its affiliates intends to withhold any amounts payable pursuant
to this Agreement pursuant to Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”). If the Internal Revenue Service issues a Notice of Proposed Adjustment (or similar Notice) that the Company
was required to withhold and remit tax under Section 1445 of the Code on the proceeds payable to a Seller pursuant to this Agreement, then at the Company’s request, such Seller shall use commercially reasonable efforts to provide within 30
days evidence (intended to be sufficient to satisfy the requirements of United States Treasury Regulations Section 1.1445-1(e)(3)) that such Seller has filed all federal income tax returns
required to be filed by such Seller (and paid all federal income tax shown as due from such Seller on such returns) with respect to the Purchase from such Seller pursuant to this Agreement; provided, however, at the election of such Seller, such
Seller may provide any such evidence directly to the Internal Revenue Service and not to the Company or any other third-party. 

2.    Company Representations. In connection with the transactions contemplated hereby, the Company represents and
warrants as of the date hereof to the Sellers that: 
 (a)    The Company is a corporation duly organized and validly
existing under the laws of the State of Delaware. The Company has the requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. 

  
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 (b)    This Agreement has been duly authorized, executed and delivered by the
Company and constitutes a valid and binding agreement of the Company enforceable in accordance with its terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other laws affecting enforcement
of creditors’ rights or by general equitable principles. 
 (c)    The execution, delivery and performance by the
Company of this Agreement and the consummation of the transactions herein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of
its subsidiaries is subject, (ii) violate any provision of the certificate of incorporation or by-laws, or other organizational documents, as applicable, of the Company or its subsidiaries or
(iii) violate any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, in the case of each such clause, after giving
effect to any consents, approvals, authorizations, orders, registrations, qualifications, waivers and amendments as will have been obtained or made as of the date of this Agreement, and except, in the case of clauses (i) and (iii), as would not
reasonably be expected to have a material adverse effect on (A) the business, operations, results of operations, properties, assets or condition (financial or otherwise) of the Company and its subsidiaries, taken as a whole, or (B) the
ability of the Company to consummate the transactions contemplated by this Agreement (a “Material Adverse Effect”); and no consent, approval, authorization, order, registration or qualification of or with any such court or
governmental agency or body is required for the execution, delivery and performance by the Company of its obligations under this Agreement, including the consummation by the Company of the transactions contemplated by this Agreement, except where
the failure to obtain or make any such consent, approval, authorization, order, registration or qualification would not reasonably be expected to have a Material Adverse Effect. 

3.    Representations of the Sellers. In connection with the transactions contemplated hereby, each of the Sellers,
severally and not jointly, represents and warrants to the Company as of the date hereof and covenants and agrees that: 

(a)    Such Seller is duly organized and existing under the laws of its jurisdiction of organization. 

(b)    All consents, approvals, authorizations and orders necessary for the execution and delivery by such Seller of this
Agreement and for the sale and delivery of the Purchased Interests to be sold by such Seller hereunder, have been obtained (except for such consents, approvals, filings, authorizations and orders as may be required under the Securities Act of 1933,
state securities or Blue Sky laws,, the rules and regulations of FINRA or the rules and regulations of any exchange); and such Seller has full right, power and authority to enter into this Agreement and to sell, assign, transfer and deliver the
Purchased Interests to be sold by such Seller hereunder, except for such consents, approvals, authorizations and orders as would not impair in any material respect the consummation of such Seller’s obligations hereunder. 

  
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 (c)    This Agreement has been duly executed and delivered by such Seller and
constitutes a valid and binding agreement of such Seller, enforceable in accordance with its terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other laws affecting enforcement of
creditors’ rights or by general equitable principles. 
 (d)    The sale of the Purchased Interests to be sold by
such Seller hereunder and the compliance by such Seller with all of the provisions of this Agreement and the consummation of the transactions contemplated herein (i) does not and will not conflict with or result in a breach or violation of any
of the terms or provisions of, or constitute a default under, any statute, indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Seller is a party or by which such Seller is bound or to which any of the
property or assets of such Seller is subject as of the date hereof, (ii) and will not result in any violation of the provisions of any organizational or similar documents pursuant to which such Seller was formed (to the extent such Seller is
not an individual) or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over such Seller or the property of such Seller; except in the case of clause (i) or clause (ii), for such
conflicts, breaches, violations or defaults as would not impair in any material respect the consummation of such Seller’s obligations hereunder. 

(e)    As of the date hereof and immediately prior to the delivery of its Purchased Interests to the Company at the Firm
Closing, such Seller holds good and valid title to the Purchased Interests to be sold at the Firm Closing or a securities entitlement in respect thereof, and holds, and will hold until delivered to the Company, such Purchased Interests free and
clear of all liens, encumbrances, equities or claims; and, upon delivery of such Purchased Interests (including by crediting to a securities account of the Company) and payment therefor pursuant hereto, assuming that the Company has no notice of any
adverse claims within the meaning of Section 8-105 of the New York Uniform Commercial Code as in effect in the State of New York from time to time (the “UCC”), (A) under 8-501 of the UCC, the Company will acquire a valid security entitlement (within the meaning of Section 8-102(a)(17) of the UCC) to such
Purchased Interests purchased by the Company and (B) no action (whether framed in conversion, replevin, constructive trust, equitable lien or other theory) based on an adverse claim (within the meaning
of Section 8-105 of the UCC) to such security entitlement may be asserted against the Company. 

(f)    Such Seller (either alone or together with its advisors) has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the Purchases. Such Seller has had the opportunity to ask questions and receive answers concerning the terms and conditions of the Purchases, and has had full access to such other
information concerning the Purchases as it has requested. Such Seller has received all information that it believes is necessary or appropriate in connection with the Purchases. Such Seller is an informed and sophisticated party and has engaged, to
the extent such Seller deems appropriate, expert advisors experienced in the evaluation of transactions of the type contemplated hereby. Such Seller acknowledges that such Seller has not relied upon any express or implied representations or
warranties of any nature made by or on behalf of the Company, whether or not any such representations, warranties or statements were made in writing or orally, except as expressly set forth for the benefit of such Seller in this Agreement. 

  
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 4.    Termination. This Agreement shall automatically terminate and be
of no further force and effect in the event that the Firm Closing has not occurred on or prior to August 15, 2018. 

5.    Notices. All notices, demands or other communications to be given or delivered under or by reason of the
provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered mail, return receipt requested and postage prepaid, or sent via a nationally recognized overnight
courier, or sent via facsimile to the recipient. Such notices, demands and other communications will be sent to the address indicated below: 

To the Sellers: 
 At the address
listed for each Seller on Schedule I hereto. 
 To the Company: 

Berry Petroleum Corporation 

5201 Truxtun Ave., 

Bakersfield, California 93309 

Attention: Kendrick F. Royer 

Executive Vice President, General Counsel and Corporate Secretary 

E-mail: kroyer@bry.com 

with a copy to (which shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, TX 77002 
 Attention:
Douglas E. McWilliams; Sarah K. Morgan 
 E-mail: dmcwilliams@velaw.com;
smorgan@velaw.com 
 or such other address or to the attention of such other person as the recipient party shall have specified by prior written
notice to the sending party. 
 6.    Miscellaneous. 

(a)    Survival of Representations and Warranties. All representations and warranties contained herein or made in
writing by any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. 

(b)    Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or
unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained
herein. 

  
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 (c)    Complete Agreement. This Agreement and any other agreements
ancillary thereto and executed and delivered on the date hereof embody the complete agreement and understanding between the parties and supersede and preempt any prior understandings, agreements, or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way. 
 (d)    Counterparts. This Agreement
may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

(e)    Assignment; Successors and Assigns. Neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned, in whole or in part, by any of the parties without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall bind and inure to the benefit of and be enforceable by the
Sellers and the Company and their respective successors and permitted assigns. Any purported assignment not permitted under this paragraph shall be null and void. 

(f)    No Third Party Beneficiaries or Other Rights. This Agreement is for the sole benefit of the parties and
their successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or remedies to any person other than the parties to this Agreement and such successors and
permitted assigns. 
 (g)    Governing Law; Jurisdiction. This Agreement and all disputes arising out of or related to
this Agreement (whether in contract, tort or otherwise) will be governed by and construed in accordance with the laws of the State of New York. EACH OF THE PARTIES TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. Each of the parties (i) irrevocably submits to the personal jurisdiction of any state or federal court sitting in New York, New York, as well as to the jurisdiction of all courts to which
an appeal may be taken from such courts, in any suit, action or proceeding relating to or arising out of, under or in connection with this Agreement, (ii) agrees that all claims in respect of such suit, action or proceeding, whether arising
under contract, tort or otherwise, shall be brought, heard and determined exclusively in the federal court of the Southern District of New York (provided, that, in the event that subject matter jurisdiction is unavailable in that court, then all
such claims shall be brought, heard and determined exclusively in any other state or federal court sitting in New York, New York), (iii) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for
leave from such court, and (iv) agrees not to bring any action or proceeding relating to or arising out of, under or in connection with this Agreement or the Company’s business or affairs in any other court, tribunal, forum or proceeding.
Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding brought in accordance with this paragraph. Each of the parties agrees that service of any process, summons, notice or document by U.S.
registered mail to its address set forth herein shall be effective service of process for any action, suit or proceeding brought against it in accordance with this paragraph, provided, that nothing in the foregoing sentence shall affect the
right of any party to serve legal process in any other manner permitted by law. 

  
 6 

 (h)    Mutuality of Drafting. The parties have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision of the Agreement. 
 (i)    Remedies. The
parties hereto agree and acknowledge that money damages will not be an adequate remedy for any breach of the provisions of this Agreement, that any breach of the provisions of this Agreement shall cause the other parties irreparable harm, and that
any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance or other injunctive relief in order to enforce, or prevent any violations of, the
provisions of this Agreement. 
 (j)    Amendment and Waiver. The provisions of this Agreement may be amended,
modified or waived only with the prior written consent of the Company and each of the Sellers. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement, nor shall any
waiver constitute a continuing waiver. Moreover, no failure by any party to insist upon strict performance of any of the provisions of this Agreement or to exercise any right or remedy arising out of a breach thereof shall constitute a waiver of any
other provisions or any other breaches of this Agreement. 
 (k)    Further Assurances. Each of the Company and
the Sellers shall execute and deliver such additional documents and instruments and shall take such further action as may be necessary or appropriate to effectuate fully the provisions of this Agreement. 

[Signatures appear on following page] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have executed this Purchase Agreement on the date first
written above. 
  

			
	Company:
	
	Berry Petroleum Corporation
		
	By:	 	  

	Name:	 	Arthur T. Smith
	Title:	 	President and Chief Executive Officer

 [Signature Page to Purchase Agreement] 

 
			
	Sellers:
	
	Oaktree Value Opportunities Fund Holdings, L.P.
		
	By:	 	

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	Oaktree Opportunities X Fund Holdings (Delaware), L.P.

 
			
		
	By:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Purchase Agreement] 

 SCHEDULE I 
  

							
	 Seller
	  	Address	  	Purchased
Interests1	 
	 Oaktree Value Opportunities Fund Holdings, L.P.
	  		  	 	178,648	 
	 Oaktree Opportunities X Fund Holdings (Delaware), L.P.
	  		  	 	436,696	 
		  		  	  
	  
	 
	 Total
	  		  	 	615,344	 
		  		  	  
	  
	 

  
  

	1 	In the event of a Downsize, each Seller’s Firm Purchased Interests shall be decreased in the sole discretion of the Pricing Committee. 

  
 [Schedule I to
Purchase Agreement]

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