Canadian energy provider Cycle Energy Industries has entered into a purchase agreement to acquire a 60 percent interest in Lost Hills Oil Field in Kern County, Calif.
The Lost Hills Field is a mega-oilfield in California, located northwest of Bakersfield, with thousands of producing oil and gas wells from numerous intervals. Cycle’s acquisition includes 60 percent of the field known as “Northwest Lost Hills.” Harvest Petroleum is the operator of the field and owns the remaining 40 percent stake.
The oil field is expected to produce 150 barrels to 200 barrels of oil per day. Another 10 to 12 proven undeveloped drilling locations have been identified and would result in an additional 250 BOD.
The deal represents the first phase of Cycle's expansion plan to acquire assets in the United States.
“The purchase of [this] asset is the first step in Cycle Energy Industries acquisition plan into the U.S. oil and gas market,” said Michael McLaren, CEO of C