Portrush to Develop Chico Martinez
Portrush Petroleum Corporation has entered into an agreement to acquire and develop the Chico Martinez oil field Kern County, California.
The Chico Martinez Field is a 640 acre tract in the San Joaquin Basin, California. Two very productive formations are present in the Field: The Etchegoin formation is a heavy oil producer (average API is 12.1 degrees) present at depths between 400 and 1,500 feet and the Diatomite formation is present between 2,000 and 3,000 feet. Oil from the Diatomite averages 26 degrees API.
The field is located directly between the South Belridge Field and the Cymric Field.
The Belridge South Field, a Two Billion Barrel Field, is two miles away to the North East and the Cymric Field, a 350 Million Barrel field, is two Miles to the South East. Both fields have significant daily oil production primarily from the Diatomite. Daily production rates from these fields are available on the California State website.
To date 62 wells have been drilled on the Chico Martinez property and the Field has already produced a total of approximately 550,000 Barrels of Oil from the Etchegoin Formation. The leases are held by production.
Portrush has entered into an agreement with the Houston based Petromark Energy Group to acquire a 90% interest in the leases. Both Companies will be co-operators of the Leases and will form a Joint Operating Agreement which shall govern the development and the operation of the Field.