The California region consists of properties located in the South Belridge field in the San Joaquin Valley Basin and the Brea Olinda field in the Los Angeles Basin.
The properties in the South Belridge field produce from the Tulare and Diatomite formations using waterflood and thermal enhanced oil recovery methods at depths ranging from 800 feet to 2,000 feet. The Brea Olinda Field was discovered in 1880 and produces from the shallow Pliocene formation to the deeper Miocene formation at depths ranging from 1,000 feet to 7,500 feet. The Company’s properties in this region are primarily mature, low-decline oil wells.
California proved reserves represented approximately 5% of total proved reserves at December 31, 2016, all of which were classified as proved developed. This region produced approximately 32 MMcfe/d or 4% of the Company’s 2016 average daily production. During 2016, the Company made no material investments to develop the properties in this region.
Additional information regarding this asset can be found in our Emergence Presentation.
