California

Historically World –class Province

  • +35 billion boe discovered
  • Contains 15 of the USA largest oil fields by EUR and
    3 of the top 10
  • 16% of U.S.A. crude oil reserves
  • #3 oil producer behind Texas and Alaska

Sproule and Associate
Reserve Report

Download the Sproule and Associate Reserve Report (PDF)

 

Under-explored

  • High probability of finding hydrocarbons
  • Main risk is reservoir as sands are immature and therefore, may contain large amounts of clay.
  • USGS estimates 12bn bbl yet to find

Exploration Resurgence Underway

  • Occidental, Aera (Shell & Exxon) and Venoco activity
  • Occidental's 175‐300 mmboe Kern County discovery in 2009 has sparked renewed activity. Largest discovery in California for over 35 years
India - East West Petroleum

 

California Joint Venture

Portfolio with North American Oil and Gas comprises two ready to drill prospects and an acreage play, all located in the prolific southern San Joaquin Basin California.

India - East West Petroleum

Tejon Extension

  • N. American Operator
  • Low risk exploration
  • Prob. of Success 80% (Sproule)
  • Gross resource (unrisked P50)
    - Sproule est. 0.63mmboe

Tejon Main

  • Higher risk, high reward
    exploration
  • Prob. of Success 30% (Sproule)
  • Gross resources P50 (unrisked)
    - Sproule est. 11.1 mmboe

New Acreage Plan

  • High-potential trend acreage
  • 50% Interest