Citadel Exploration Inc. (fka COIL)

[fla-trader]

$$COIL: PROJECT INDIAN - 100% working interest
Project Indian is located in the Bitterwater sub-basin of the Salinas Basin, north of the giant San Ardo Field in Central California. 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.

On January 31