Los Angeles California , Dec. 08, 2020 (GLOBE NEWSWIRE) -- Los Angeles, CA – December 7, 2020
Black Rock Petroleum announces Torrance California Oilfield Acquisition
Black Rock Petroleum Company (OTC: BKRP), a Nevada corporation, announced today it has executed a contract to acquire 100% ownership of Torrance Petroleum Co, a Wyoming entity that holds a 520 Acre California Oilfield in the Monterey Shale .Torrance Petroleum will become a wholly owned subsidiary of BKRP, via a transaction that has been structured as a stock-for-stock Exchange. The oil field will now be BKRP’S core focus. Philip Andrews a Irish Citizen and experienced oil and gas executive has been named Managing Director, and he will oversee the permitting and drilling plans of the 520 Acre Development with plans for ten initial wells to be drilled to bring the field into production, he will also be seeking additional potential oil and gas opportunities in USA and internationally for BKRP to acquire as part of its rapid expansion plans.
About Torrance California Oilfield
Located in Los Angeles County, California, 520 acre development area situated in the Monterey Shale play with estimated minimum (PUD) Recovery of 5-17 MMBbls. Up to 34 MMBLS With Esteam Technology, Potential Original Oil in Place Recovery could exceed 45 MM Bbls. Monterey Shale Reserve is Estimated at more than 15 Billion Barrels and has long been seen as an area of huge potential oil production using new methods to extract the vast reserves known to exist.
Torrance Oil Field Summary:
- Original Production1920-1950s
- Producing Formations: The "MAIN" and Del Amo Zones
- OOIP: 68-109 MMBbls
- Production to Date: 4.92 MMBbls (4-7 % of OOIP)
Torrance California oilfield is a 520 acre freehold oilfield site in Torrance California that has historically produced 4.9 million bbl of oil to date and still holds 68 – 109 m bbl oil in place and an estimated net producible 34,000,000 bbl of extractable oil using the steam flood technology.
Philip Andres commented, “We are excited to announce this merger with Black Rock Petroleum and we intend to mobilize our resources for a concerted entry into the California oil production Market where California that 20 years ago imported only 15 % of its Crude oil is now importing 70 % of its Crude oil with 34 % coming from Saudi Arabia and 14 % from Ecuador, our strategy is to get the Torrance field into production and to grow BRRP rapidly by acquisitions in USA and Internationally utilizing our extensive industry contacts to achieve our goal of growing BKRP via acquisitions at a time when there are abundant opportunities in the oil Sector for an acquisitive junior oil
Safe Harbor Statement: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934; and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and as such are by definition subject to risks and uncertainties.
Contact:
Zoltan Nagy, CEO
Zoltan@starflick.com
Source: Black Rock Petroleum Co./ Torrance Petroleum Co.
Authorized by Zoltan Nagy, CEO