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
March 26 2010 - 1:30PM
Marketwired
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