""Monster DD Here On COIL....Get Ready For Blast""
This Sweet Thang Has a Itty Bitty Tiny Float Of 6milly..,So Strap In & Be Amazed On How She Moves""
Citadel Exploration Inc. (CEI) is engaged in the acquisition, exploration and development of oil and natural gas. CEI was formed in 2011 by highly successful veterans of the California oil and gas industry. Company management and its founders have enjoyed considerable successes and strengths in the areas of technical evaluation, discovery and development of oil and natural gas properties.
CEI is a publicly traded corporation organized under the laws of the state of Nevada. CEI operates its properties through its wholly-owned subsidiary Citadel Exploration, LLC (CEL). CEL is a corporation organized under the laws of the state of California.
CEI strives to implement an accelerated development program utilizing capital resources, a regional operating focus, experienced management and technical team to increase production and increase returns for our stockholders. Our corporate strategy is to continue building value in the Company through successful exploration and development of oil and natural gas assets.
Corporate Structure:
Management Profiles:
Armen Nahabedian, 32, President, Chief Executive Officer, and a Director: Mr. Nahabedian is a fourth generation oil and gas explorer in the state of California. In 1999, Mr. Nahabedian joined the United States Marine Corp as an infantryman and reached the rank of Corporal (E-4) before serving in operation Iraqi Freedom and receiving an honorable discharge in 2003. Mr. Nahabedian immediately thereafter went to work in the oil fields of the South San Joaquin Valley for his family’s oil company, The Nahabedian Exploration Group.
After early success in his exploration efforts Mr. Nahabedian became a regional supervisor and managed the drilling operations for some of the deepest exploratory wells drilled in the state of California from 2004 through2007. In 2007, Mr. Nahabedian then joined The Nahabedian Exploration Group as a partner and supervised land acquisition efforts (over 750,000 acres leased or optioned) and prospect generation. Mr. Nahabedian continued to act as an operational supervisor and in 2009, he became involved in business development and finance. Acting as the company’s primary fund raiser Mr. Nahabedian educated himself on public financing and securities and with the assistance of an experienced legal team formed Citadel Exploration Inc in 2011.
Daniel L. Szymanski, Chairman of the Board: Dan Szymanski comes to the board of Citadel Exploration Inc. with over 20 years of industry experience, including exploration and production assignments with Tenneco and Chevron, and worldwide exploration with Occidental. Dan served as Manager of Business Development, then Manager-Financial Planning and Analysis at Oxy’s Headquarters in LA. His final role at Oxy was Asset Manager for 42 oil and gas fields producing in California’s San Joaquin and Sacramento Valleys. Since 2008, Dan has been a consultant to the oil and gas industry and partner in a seismic data firm. Mr. Szymanski has a Bachelors in Geology from the University of Wisconsin and a Masters in Geophysics from Purdue.
Christopher M. Whitcomb, Chief Financial Officer and Director: Mr. Whitcomb has been in the Oil and Natural Gas Business for over 10 years. He has held the position of CFO of the Nahabedian Exploration Group, as well as manager of multiple Limited Liability Companies, involved in many aspects of Oil and Gas exploration, production, services and land acquisition. Mr. Whitcomb was critical to the formation of a number of small market cap oil and gas exploration companies over the last 7 years.
He has worked in the public sector as a Certified Public Accountant, and has worked in the lease and land acquisition field as a licensed Real Estate Broker. Mr. Whitcomb holds Bachelors of Science degrees in both Accountancy and Business Administration -focusing on Corporate Finance. Mr. Whitcomb has also attended a number of programs for lease management and is highly capable with accounting and lease maintenance software programs.
Jacob L. Barnhart, Director: Mr. Barnhart has been working in the financial sector for the last four years as a financial advisor for Ameriprise. Prior to receiving his bachelor’s degree in sociology from Seattle University, Jacob served four years in the United Sates Marine Corps and reached the rank of corporal. Mr. Barnhart has a tremendous work ethic and prides himself on the leadership traits he obtained while serving his country.
James Borgna, Director: Mr. Borgna is a third generation oil and gas industry supplier and producer. Mr. Borgna currently owns and operates KVOS LLC which supplies production facilities and process equipment in California. Mr. Borgna specializes in scalable facilities that are fabricated work in-house. Mr. Borgna has supervised the fabrication of oil and gas facilities for many of the major operators in the San Joaquin Basin. Mr. Borgna gained valuable experience with project management, facilities design, and gained familiarity with permitting guidelines and restrictions. Prior to joining his family in the oil and gas industry Mr. Borgna served six years in the United States Navy and achieved the rank of E-5.
Citadel Exploration Inc. is committed to protecting the environment, health, safety and security (EHS&S) of our employees, visitors, contractors and the communities where we work and live by operating our facilities in an environmentally sound and safe manner consistent with our corporate standards and applicable regulations. We recognize that by demonstrating leadership in safety, health and environmental management and by integrating EHS&S practices into all aspects of our operations, we can conserve resources, reduce hazards and risks, and support our strategy for excellence and growth.
Project Indian is located in the Bitterwater sub-basin of the Salinas Basin, north of the giant San Ardo Field. It is a shallow anticline defined by surface geology and well control that may have over 100 million barrels of heavy (11-14 gravity API) oil in place. A well that was drilled and cored extensively by Chevron in 1976 (Tannehill Ranch Corehole #9) showed the oil is trapped in highly porous and permeable basal Pliocene sands at 300-500 feet deep with 300’ of claystone cap rock. This accumulation is a strong analog to another discovery made by the founders of CEL at Northwest San Ardo, albeit at a shallower depth.
Early 2012, our wholly-owned subsidiary, Citadel Exploration, LLC (“CEL”), entered into a lease for 688.71 acres of property with Vintage Petroleum, LLC (“Vintage”), a company owned by Occidental Petroleum (NYSE:OXY), for the purposes and with the exclusive right of prospecting, exploring, mining, drilling and operating the leased premises for oil and gas.
CEI will develop Project Indian as a thermal recovery operation. The initial phase of evaluation will entail the drilling of 3 vertical wells in late 2012 and cyclic steaming to initiate production. Record high long term oil prices make a target of this size extremely attractive.
""Citadel Exploration, Inc. Announces Favorable Results from the Initial Study at Project Indian""
Citadel Exploration, Inc. (COIL:OTC:QB), is pleased to announce that it has completed the preliminary surveys required by the County of San Benito for project Indian.
Reports have been generated from the findings in the surveys and submitted to the county for review. "I am very pleased with the findings in these reports and the proposed methods to mitigate disruption to the environment, and other potential sensitive elements, are very manageable," said Armen Nahabedian, President and CEO of Citadel Exploration, Inc.
""I Got a Feeling That Drilling Is Very..,Very Close Players""
"As an operator in California it is important to work closely and effectively with all local agencies that supervise drilling operations. California agencies demand the highest level of adherence to health, safety and environmental regulations. Citadel Exploration, Inc. will continue to adhere to these measures and believes that devoting extra attention to these issues in the earliest stages may benefit us greatly as operations progress," Mr. Nahabedian continued.
About Citadel Exploration, Inc.
Headquartered in Ojai, Calif., Citadel Exploration, Inc. (COIL:OTC:QB) COIL is an oil and gas exploration and production company with operations in the Salinas Basin of California. COIL has a broad portfolio of capital investment opportunities arising from the management’s extensive knowledge of the geology and the history of oil and gas exploration and development in California, as well as a long-term presence and familiarity and relationships with other companies engaged in oil and gas industry in California.
For more information on the company, visit www.citadelexploration.com.
Forward-Looking Statement: Statements such as any perceived benefit from "the findings in these reports,” “mitigate disruption to the environment,” “very manageable,” “adhere to these measures,” or “may benefit us greatly,” and any perceived benefit from, involve risks and uncertainties, including, but not limited to our ability to successfully drill wells and extract resources, operate without adversely impacting the environment, our ability to adhere to safety measures, or other general economic conditions which would hinder our ability to operate effectively.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions, our ability to raise sufficient funding to finance our operations, the actual findings of the survey, mitigate environmental impacts, adherence to regulations, and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Source: Business Wire (June 6, 2012 - 8:00 AM EDT)
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