News out!
Sun Cal Energy Inc.'s Property Is In-Field to the One Billion Barrel Oil and Gas Discovery in Kern County, California Found by O
Date : 03/26/2010 @ 1:30PM
Source : MarketWire
Stock : Sun Cal Energy
Inc. (SCEY)
Quote : 0.19 0.0 (0.00%) @ 1:38PM
Sun Cal Energy Inc.'s Property Is In-Field to the One Billion Barrel Oil and Gas Discovery in Kern County, California Found by O
SAN FRANCISCO, CA -- (Marketwire)
03/26/10
Sun Cal Energy Inc. (PINKSHEETS: SCEY), an energy exploration company, is pleased to announce that the Company's Lokern Property, located in Kern County, California, is situated in-field to the discovery made by Occidental Petroleum Corporation.
On July 22, 2009, Occidental Petroleum Corporation announced that it had made a significant discovery of oil and gas reserves in Kern County, California. At the time of the announcement, Occidental believed there were between 150 million and 250 million gross barrels of oil equivalent (BOE) reserves within the outlined area where it drilled six wells to delineate the discovery.
Previously, in April 2007, Sun Cal Energy announced that it had exclusive oil and gas rights for the Lokern Prospect owning a 45% working interest in 480 acres of prime land in the oil and gas rich Kern County region, the most prolific area in the San Joaquin Valley in Southern California. Surrounded by oil fields that produce greater than 500,000 barrels of oil/day and with Occidental controlling a large amount of mineral rights and 3D seismic data covering the Lokern Property vicinity, the Company believed that it was well positioned to take advantage of increased activity in the area over the next few years.
Most recently, in March 2010, Forbes Magazine published an article suggesting that Occidental's discovery "is shaping up to be the biggest onshore oil discovery the U.S. has seen in three decades... and likely holds more than one billion barrels of oil (and natural gas equivalents) that will be easy and cheap to extract." The Article further states that "the reservoir is 20,000 feet underground and could stretch 50 miles."
By all indications Sun Cal's property is within 3 miles of the initial discovery well drilled by Occidental Petroleum, and therefore is reasonably projected that its structure and scope runs through the Sun Cal property.
George Drazenovic, President and Chief Executive Officer of Sun Cal Energy Inc., states: "We are pleased to update our shareholders and announce the recent discovery of this oil field by Occidental. We intend to explore opportunities to finance and develop this high impact opportunity, and to provide our shareholders the opportunity to participate in one of North America's most significant oil and gas discoveries in a generation."
With the stabilization of oil prices, the weakness in natural gas prices, and most importantly, the recent discovery of a massive and nearby oil field by Occidental, Sun Cal Energy has chosen to shift its primary company focus to developing its Lokern Prospect in California.
This news release contains information that is "forward-looking" in that it describes events and conditions, which Sun Cal Energy Inc. ("SCEY") reasonably expects to occur in the future. Expectations for the future performance of the business of SCEY are dependent upon a number of factors, and there can be no assurance that SCEY will achieve the results as contemplated herein and there can be no assurance that SCEY will be able to conduct its operations or production from its properties will result from or continue as contemplated herein. Certain statements contained in this report using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond the Company's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. SCEY disclaims any obligation to update any forward-looking statement made herein.
For further Information:
www.suncaloil.com
Investor Relations:
415 738 8039
