Operations

Through our wholly owned operating subsidiary, Monterey Energy Partners I, LLC, Monterey is under fully executed Purchase and Sale Agreements (“PSAs”) to acquire a 100% working interest and the operator role in a heavy oil project located in Monterey County, California. This pristine, white-glove, state-of-the-art property will provide Monterey over 700 BOPD current production and more than $43.6 million in PV10 total proved reserves. Closing is expected on or about November 1, 2019. Monterey is also pursuing acquisitions in Southeast Texas, South Louisiana onshore, and elsewhere in California. By late 2020, we expect to have a minimum 5,000 BOEPD platform. Strategic mergers and other consolidation initiatives are also being considered.