Torrance Petroleum Co.
Los Angeles, CA – December 3, 2020
Black Rock Petroleum announces Torrance California Oilfield Acquisition
Black Rock Petroleum Company (OTC: BKRP), a Nevada corporation, 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 Black Rock Petroleum, via a transaction that has been structured as a stock-for-stock Exchange and the oil field will now be BKRP’S core focus.
Philip Andrews an Irish Citizen and experienced oil and gas executive has been named Managing Director who will oversee the permitting and drilling plans of the 520 Acre Development.
Plans for ten initial wells to be drilled to bring the field into production. Also Black Rock Petroleum is aggressively seeking additional potential oil and gas opportunities in USA and internationally to acquire as part of its rapid production growth and expansion planning.
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:
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 mobilise 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 co".
The prospect can be drilled from two identified sites.
An Engineering Assessment was prepared by Pinnacle Energy Services based upon an analysis and development plan by Premier Energy Sources and a reserve report by Netherland Sewell.
California currently produces over 500,000 barrels of oil per day. Los Angeles alone is home to over 5,000 active “urban” oil wells. Methods have been developed to allow for non intrusive drilling and oil recovery.
Production to Date 4.9mm barrels of oil were produced between 1920 and 1950 which represents 4% to 7% of the original oil in place.
Estimated original oil in place. (OOIP) 69 to 109mm BBL
50 - Vertical Wells 100 barrels/day of initial output per well. 4.6mm barrels EUR over 20 years.
9 - Horizontal Wells 250 barrels/day of initial output per well. 2.3mm barrels EUR over 20 years.
Further acquisitions are pipelined for the coming year.
The Company is in confidential negotiations with a number of entities in the oil and gas industry which create the right investment environment for the business.
The right synergy is crucial and we keep our focus in line with our corporate business objectives aimed at accelerating production as well as adding to our longer term reserves.
2021 is looking rich in opportunity particular given the many enduring challenges currently prevail. Currently, we are benefiting from significant discounted pricing due to combined effect of the economic market sentiment created by Covid.
We whole heartedly believe that leaner operations such as ours will flourish by virtue of having less overhead weight making us more far more nimble in this current environment.
We expect to be making many more announcements over the coming months with regard acquisitions, joint venture partnerships and takeovers.
These actions successfully executed will help assist the Company in one of its primary missions that of elevating our position from that of an OTC listing to an NYSE listing.
Naturally, at this time we have a way to go, but we are advancing our profile and aspiration.