Huntington Project
Blackstone began working toward acquisition of SCOC assets in Huntington Beach California, through an asset purchase under Section 363 of the Bankruptcy Code. In December 2012, via negotiations with E&B, the Company acquired an Overriding Royalty Interest in certain oil production in the Springfield Unit in Orange County, California; currently being produced by Angus Petroleum Corporation in the total amount of $2,429,545. The Company has been receiving Royalty payments on a monthly basis based on volume of production. Activity at the Angus Petroleum Springfield Unit site has resulted in over 300,000 barrels of oil produced from June 2009 through December 2017, resulting in revenues estimated to exceed $15 Million. For further details, see pages 23-28 of this Offering, or contact the Company for reports on Angus Petroleum Corporation and the Springfield Unit.
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