Citadel Exploration, Inc., an exploration company, is engaged in the exploration and development of oil and natural gas properties. The company’s property is located in the county of San Benito, California. Projects The company participates with Black Hawk Oil Co. LLC (Blackhawk) and Sojitz Energy Venture Inc. (Sojitz) in the South San Joaquin Valley. Sojitz and Blackhawk have collectively leased approximately 52,000 acres in the area under the guidance of The Nahabedian Exploration Group LLC. The company’s wholly-owned subsidiary, Citadel Exploration, LLC, entered into an oil and gas lease for 689 acres of property with Vintage Petroleum, LLC. During 2012, it entered into a new lease with Vintage Petroleum, LLC for a period of two years. Sojitz Joint Venture/Rancho Grande Rancho Grande is acquired by Sojitz and Blackhawk. The lease covers approximately 52,000 acres and is part of a contiguous acreage block in the state of California. Project Indian Project Indian is located in the Bitterwater sub-basin of the Salinas Basin, north of the giant San Ardo Field. The company would develop Project Indian as a thermal recovery operation. 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; pursue selective acquisitions and joint ventures; and reduce unit costs through economies of scale and efficient operations. Environmental Matters The Federal Water Pollution Control Act of 1972, as amended (Clean Water Act), 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, also referred to as ‘SPCC plans’, in connection with on-site storage of greater than threshold quantities of oil. The company’s operations are in substantial compliance with applicable Clean Water Act and analogous state requirements, including those relating to wastewater and storm water discharges and SPCC plans. 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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