Citadel Exploration (OTCQB: COIL) is a pure-play California oil and gas company rooted in nearly a century of experience throughout the State, with four decades of focus on Kern County. CEO Armen Nahabedian is the fourth generation of a family that has found and developed some of the most significant discoveries in state history.
Citadel devotes its focus to Kern County, the largest producing county in the entire United States, accounting for over 140 million barrels per year, or 75% of the oil produced in California. Not only is Kern County oil-rich with a plethora infrastructure and service providers, but the County government has historically been very supportive of independent producers and prides itself in being business friendly. Currently, Citadel is developing two prospects in Kern County. The first, Kern Bluff, is a 1100-acre project with an estimated 60 million barrels of original oil in place. It will be developed with a combination of new vertical and horizontal wells, recompletions, andcyclic steam injection. The company also is continuing to develop its 3,000 acre Yowlumne area, a producing asset strategically located between several multi-million barrel fields, including Chevron’s historic Midway-Sunset field. Citadel prides itself on its legacy of discovery and innovation in the industry. We are committed to a plan of careful, deliberate growth tempering risk by focusing on historically successful projects.
The best place to find oil, is where it has already been found.