Citadel Exploration, Inc.

5 Mar 2015drilling progress report▲ GoodMajor

The company said the Yowlumne 2-26 recompletion succeeded and the well has averaged about 25 barrels of oil per day over the past 10 days, following the December 2014 financing for that work. It also said it sued San Benito County on February 27, 2015, asking the court to rule that the new Measure J (described as a measure to ban oil operations in the County) conflicts with state law and is of no force. This follows the earlier adverse Superior Court ruling on Project Indian's approval, and the Measure J suit is unresolved. The release also says a CEQA application for two more Yowlumne exploration wells is within 90 days of completion.

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13 Aug 2014drilling progress report● NeutralMajor

The company reported that its first Project Indian well, Indian #1-15, produced about six barrels of oil per day over the past seven days, after steam injection in May. It says this is the first oil produced on the structure and plans a Phase II with an environmental impact report for full field development and long-lead equipment purchases. It also noted an adverse Monterey County Superior Court ruling against the County's approval of the project and said it will keep working with the County. Production is small, and the filing does not say how that ruling affects the project.

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