2010-05-11 SCEY.PK
Sun Cal Energy Acquires Ten Oil Infield Drill Sites.
May 11, 2010 for immediate release
SAN FRANCISCO, CALIFORNIA – May 11, 2010 – Sun Cal Energy Inc. (OTC BB:SCEY – News),
The Company reports that it has entered into and completed the acquisition of all of the issued and outstanding shares of Clean Resources, Inc. a Nevada corporation, in exchange for 15,000,000 Restricted common shares of Sun Cal Energy, Inc.
The principal assets of Clean Resources Inc are ten drill sites, with the option for additional ten drill sites for each ten wells completed. In addition, Clean Resources has the option to participate, or a right of refusal to participate, in all activity on all acreage encompassing a total of 4,500 acres located in Jim Wells County, Texas.
Estimated production from each drilled well is 200,000 bbls oil and 1,200,000 MCF gas from the Frio Sands zone. The principal pay zones or production zones, number 12 in the Frio Sands and 3 in the Miocene Sands.
“We are extremely pleased with this latest acquisition” states Company president George Drazenovic. “These well sites are in-field drilling opportunities that are offset from existing production in a field that indicates to be a geological twin that has produced 5.6 million bbls oil and 28 000,000 mcf of gas from 31 shallow wells over the last 15 years.”
The company also continues to study its options regarding the Kern County, California property.
Previously, in April 2007, Sun Cal Energy announced that it had exclusive oil and gas rights for the Lokern Prospect owning a 45% working interest in 480 acres of prime land in the oil and gas rich Kern County region, the most prolific area in the San Joaquin Valley in Southern California. Surrounded by oil fields that produce greater than 500,000 barrels of oil/ day and with Occidental controlling a large amount of mineral rights and 3D seismic data covering the Lokern Property vicinity, the Company believed that it was well positioned to take advantage of increased activity in the area over the next few years.
For further Information :
Investor Relations:
415 738 8039
This news release contains information that is “forward-looking” in that it describes events and conditions, which Sun Cal Energy Inc. (“SCEY”) reasonably expects to occur in the future. Expectations for the future performance of the business of SCEY are dependent upon a number of factors, and there can be no assurance that SCEY will achieve the results as contemplated herein and there can be no assurance that SCEY will be able to conduct its operations or production from its properties will result from or continue as contemplated herein. Certain statements contained in this report using the terms “may,” “expects to,” and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond the Company’s ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. SCEY disclaims any obligation to update any forward-looking statement made herein.
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