USA: oil and gas discovery

Occidental Petroleum Corp. has made a significant discovery of oil and gas reserves in Kern County, California. Occidental believes there are between 150 million and 250 million gross barrels of oil equivalent reserves within the outlined area where Oxy has drilled six wells to date to delineate the discovery. The multi-pay zone discovery area, whose areal geological extent is still being defined, has both conventional and unconventional pay zones. The bulk of the discovery’s producing zones are conventional oil and gas bearing formations. Occidental’s interest in the discovery area is approximately 80%. Approximately two-thirds of the discovery is believed to be natural gas.
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