KOB.TO - East Lost Hills & GSJB joint venture Message Board

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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture

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To: F9driver who wrote (15589)	4/30/2002 8:29:52 PM
From: u2bob	Read Replies (2) of 15703

Well Mr. F9driver, let's just say OXY really is King in California! Why? Simple these guys say it, then follow up by getting it done. Here's what OXY has been saying about California in the last year, and our now backing it up. Wish our operator had the same VISION and where willing to back it up? WAIT maybe they will but not till they own majority interest. OXY: What is clearly demonstrated already is that this restructuring has been very successful, that we’re a very profitable, very strong company - and that we have been paying down our debt very rapidly. So on those financial measures we’ve made great progress. People should keep their eye on Occidental’s ability to grow the company as we go forward. We are very strongly positioned in the two key markets where we think we can grow significantly. We are the largest producer of natural gas in California where natural gas is in very short supply. We are conducting an exploration program deep under the San Joaquin Valley with the object of finding many billions of cubic feet of natural gas. A successful outcome there will propel us forward tremendously. \http://www.petroleumworld.com/story4453.htm. California has the best gas market in the U.S. with high year-round demand and a limited local supply. We are the single largest gas producer in the state. Because of our proximity to the market, lower transportation costs give us a competitive advantage over out of state suppliers. It is clear from the overall supply picture that gas will remain in very short supply in California for many years to come. New gas discoveries in California will be critical if the state is to meet its future energy requirements. All the new electricity generating facilities will be gas-fired, but it's unlikely that sufficient gas supplies will be available in time to meet expected demand in 2003. For the next few minutes I'd like to focus specifically on the excellent position we have in serving California's red hot natural gas market. We have the strongest position among all the oil and gas companies operating in California. We have a large production base and we're well-positioned to exploit California's deep gas potential. We are the largest producer of natural gas in California where natural gas is in very short supply. We are conducting an exploration program deep under the San Joaquin Valley with the object of finding many billions of cubic feet of natural gas. A successful outcome there will propel us forward tremendously. We have been very carefully and methodically evaluating the technical merits of a number of both deep and shallow gas prospects in California. The geology is complicated, but we believe there is a potential bonanza awaiting the company that can crack the code to California's natural gas treasures. We know the gas is there and we're relying on our strong geoscience personnel to help us develop the optimum drilling program. We expect to drill a series of deep test wells over the next several years. Our first major deep gas well is scheduled to begin drilling in mid-summer and we expect completion in the first quarter of 2002. We're not predicting instant success, and we're prepared to drill a number of dry holes to fully test these deep gas plays because we believe we have the opportunity to add very significant volumes of new gas reserves. biz.yahoo.com. THESE GUYS SURE BELIEVE IN CALIFORNIA. Take care Bob

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