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 100% working interest at Project Indian. CRC is the mineral owner at Project Indian. In January 2014, the company drilled and completed the first well at Project Indian, the Indian #1-15; and conducted a steam cycle in June 2014. Project Yowlumne In 2013, the company leased approximately 2,800 acres from AERA Energy, LLC. This acreage is in close proximity to the Yowlumne oil field in Kern County, California. The company retained 100% interest in the Yowlumne #2-26 well, and the 160 acres surrounding the well bore. In 2014, the company began a work-over on the Yowlumne #2-26 well, including installation of a new pump in February 2015. The company is in the final stages of the CEQA process to permit two additional exploration wells on the Yowlumne acreage and expects to receive those drilling permits in the second quarter of 2015, with drilling to commence in the third quarter of 2015. Both of these exploration wells would be targeting the Stephens Sands at a depth of 12,000 to 15,000 feet. The company has a 75% working interest in these exploration prospects and is 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 the company’s business strategy are to develop its existing properties; 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
|No competitor information is available for COIL.|
|View Industry Companies|
|Price/Cash Flow||NM||Not Meaningful|
Sponsored Financial Commentaries
To contact CITADEL EXPLORATION INC, please visit www.citadelexploration.com. Company data is provided by Capital IQ. Please use this form to report any data issues.