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Our analysis of the geology, engineering and production has confirmed significant recoverable oil on the lands we acquired, said Armen Nahabedian, CEO of Citadel Exploration. "Kern Bluff Oilfield has a long and well-documented history which we studied thoroughly before engaging in this transaction. Most importantly, there hasnt been a new well drilled on the property since 1996, and most of the idle wells have not produced for more than 15 years. This indicates that there are over 48 million barrels of OOIP left at Kern Bluff Oil Field for Citadel to exploit. Analogous fields in the surrounding area, including Kern River, Round Mountain, Edison and Mountain View have recovered over 40% of the OOIP, and in the case of the nearest field, Kern River up to 90% of the OOIP. This equates to approximately 20% of the OOIP being produced. The field is estimated to hold over 60 million barrels of original oil in place (OOIP) and has recovered 12 million barrels from 169 wells that were drilled primarily in the 1970s and 1980s. The oil is approximately 15.5 degree API and, because of its viscosity, will require cyclic steam injection following 12-18 months of flush production. Given the extent and breadth of well control data, Citadel has identified as many as 60 new vertical well locations and more than 30 horizontal well locations. Each of these zones has over 100 wells that have penetrated and logged oil saturated sands of at least 100 feet. The three zones are the Santa Margarita, Transition and Chanac. The Kern Bluff Oil Field has three oil zones starting at 1,100 in depth and going as shallow as 500.
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Citadel believes a majority of the idle wells provide workover and recompletion opportunities in bypassed oil zones, and anticipates returning a portion of those wells to production in approximately the next 30 days.
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The asset acquisition includes approximately 1,100 acres, production facilities, one well producing approximately 8 barrels of oil per day, and over 20 idle wells. ( COIL) (Citadel or the Company), a pure-play California oil company with operations in the San Joaquin Basin of California, announced today that it has acquired Kern Bluff Oil Field, which was discovered in 1947. NEWPORT BEACH, CA / ACCESSWIRE / Aug/ Citadel Exploration, Inc.