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 Q1 2020. Monterey is also pursuing acquisitions in Southeast Texas, South Louisiana onshore, Mid-Continent, and elsewhere in California. By late 2020, we expect to have a minimum 5,000 BOEPD producing platform.