Sept 15 (Reuters) - California Resources Corporation ( CRC )

:

* CALIFORNIA RESOURCES CORPORATION ANNOUNCES ALL-STOCK

COMBINATION

WITH BERRY CORPORATION

* CALIFORNIA RESOURCES ( CRC ) : UNDER TERMS OF MERGER AGREEMENT,

EXISTING

CRC SHAREHOLDERS ARE EXPECTED TO OWN ABOUT 94% OF COMBINED

COMPANY UPON CLOSING

* CALIFORNIA RESOURCES ( CRC ) : BERRY SHAREHOLDERS WILL RECEIVE A

FIXED

EXCHANGE RATIO OF 0.0718 SHARES OF CRC COMMON STOCK FOR EACH

SHARE OF BRY COMMON STOCK

* CALIFORNIA RESOURCES ( CRC ) : COMBINED CO WOULD HAVE PRODUCED

ABOUT 161

THOUSAND BARRELS OF OIL EQUIVALENT PER DAY (MBOE/D) (81% OIL) IN

Q2 PRO FORMA BASIS

* CALIFORNIA RESOURCES CORP ( CRC ): PROPOSED DEAL FOR ABOUT $717

MILLION

Source text:

Further company coverage: