Citadel Exploration has purchased the Indian shallow oil development project, located in the Bitterwater subbasin of the Salinas Basin in California, US, from Vintage Petroleum.
The company acquired the project, which consists of 688.71 acres of leased property, through the acquisition of 100% of the membership interest of Citadel Exploration LLC (CELLC).
CELLC founder Armen Nahabedian said that the acquisition and the company’s transition from a private oil and gas exploration company to a public company is a major step in the implementation of its growth strategy.
Citadel Exploration is an oil and gas exploration and production company with operations in the Salinas Basin of California.