Citadel Exploration, Inc. Announces a New Partnership with Sojitz
March 15 2012 - 3:19PM
Business Wire
Citadel Exploration, Inc. (OTCQB: COIL) today is pleased to
announce that it has sold 40% of the working interest in Project
Indian to Sojitz Energy Ventures, Inc. Sojitz Energy Ventures, Inc.
is a wholly owned subsidiary of Sojitz Corporation, a large
Japanese trading corporation.
http://www.sojitz.com/en/index.html
“Bringing on Sojitz as a partner is another huge success for
Citadel,” said Citadel President and CEO Armen Nahabedian. “This
was a very profitable transaction for Citadel, and the proceeds
from this sale will be used to build additional value in the
company,” he continued.
“Sojitz is a highly experienced operator with an outstanding
track record. I am glad we were able to formalize our working
relationship and look forward to a long, profitable future working
with them,” Mr. Nahabedian added.
Citadel Exploration, Inc. is actively pursuing a number of
additional opportunities in the San Joaquin Basin.
“I am steering the company toward low risk exploration and
production in the early development stage of this company. Citadel
can take an aggressive position in high impact exploration as it
expands a production base,” Mr. Nahabedian also added.
About Citadel Exploration, Inc.
Headquartered in Ojai, Calif., Citadel Exploration, Inc. (OTCQB:
COIL), "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 "bringing on Sojitz as a partner is another huge
success,” “the proceeds from this sale will be used to build
additional value in the company,” or “steering the company toward a
low risk exploration and production” involve risks and
uncertainties, including, but not limited to our ability to
integrate the operations of Sojitz, or 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 utilize the use of proceeds to
build additional value in the Company, or steer the Company towards
low risk exploration and production, 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.