Citadel Exploration, Inc., an energy company, engages in the exploration and development of oil and natural gas properties. The company’s properties are located in the Salinas and San Joaquin basins of California. Projects Project Indian Project Indian is located in the Bitterwater sub-basin of the Salinas Basin, north of the giant San Ardo Field. The company owns a 60% working interest at Project Indian. The company drilled the first well in January 2014, and is waiting on its steam injection permit from the Division of Oil, Gas & Geothermal Resources. Project Yowlumne In 2013, the company leased approximately 3,000 acres from AERA Energy, LLC. This acreage is in close proximity to the Yowlumne oil field in Kern County, California. The company has also started permitting two additional exploration wells on the Yowlumne acreage. Both of these exploration wells would be targeting the Stephens Sands at a depth of 12,000 to 14,000 feet. The company has a 25% working interest in these exploration prospects and is the operator. Sojitz Joint Venture/Rancho Grande Starting in May of 2013, the company participated in three exploration wells at the Rancho Grande area, with a 20 to 22% non-operated working interest. Sojitz Energy Ventures of Houston was the operator. Business Strategy The company’s principal strategy has been to focus on the acquisition and drilling of prospective oil and natural gas mineral leases. The principal elements of its business strategy are to develop its existing property; improve operational control; and pursue selective acquisitions and joint ventures. Environmental Matters The Federal Water Pollution Control Act of 1972, as amended, and analogous state laws impose restrictions and controls on the discharge of pollutants into federal and state waters. These laws also regulate the discharge of storm water in process areas. Pursuant to these laws and regulations, the company is required to obtain and maintain approvals or permits for the discharge of wastewater and storm water; and develop and implement spill prevention, control and countermeasure plans in connection with on-site storage of greater than threshold quantities of oil. History Citadel Exploration, Inc. was founded in 2006.
citadel exploration inc (COIL:OTC US)
417 31st Street
Newport Beach, CA 92663
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