Citadel Exploration, Inc. (CEI) announced Thursday that it has acquired the Indian Shallow Oil Development Project, located in the Bitterwater subbasin of the Salinas Basin in California, consisting of 688.71 acres of leased property from Vintage Petroleum, LLC, a division of Occidental Petroleum, through the acquisition of 100% of the membership interest of Citadel Exploration LLC (CELLC).
"This acquisition and our transition from a private oil and gas exploration company to a public company is a major step in the implementation of our growth strategy," said Armen Nahabedian, CELLC's founder.
Pursuant to the terms of the agreement, the board of CEI nominated a new slate of officers and directors with oil and gas exploration experience. Dan Szymanski, a former exploration manager for Occidental Petroleum (NYSE: OXY), was named as Chairman of the Board, followed by Michael Finch as President, CEO, and a Director, a former manager of 11 offshore platforms. Chris Whitcomb, CPA and financial manager for several California based oil and gas companies, was nominated as a Director and CFO. James Borgna, president of KVOS LLC, an oil and gas field supply company, was named as a Director. Jacob Barnhart, a financial advisor with Ameriprise Financial Services, was named as a Director.
"I am extremely excited with the assembly by Armen of the management team and the acquisition by CEI of the first exploration property of our recently formed public company," said Finch.
CEI, as a result of the acquisition of CELLC, is an oil and gas exploration and production company with operations in the Salinas Basin of California. The founders of CELLC and the newly formed management team of CEI, with their extensive knowledge of the geology and the history of oil and gas exploration in California, will provide CEI with a broad portfolio of capital investment opportunities.
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