The investment opportunities presented by oil and gas companies with U.S. properties have been discussed consistently since President Obama’s speech about reducing foreign oil by a third over the next decade. The President encouraged companies in possession of domestic oil reserves to begin drilling and help decrease U.S. reliance on nations in the Middle East. As a result profit potential for U.S. oil companies of all sizes has invited interest and speculation and some companies in this vein are working to deliver enhanced results and more product. United Hunter Oil & Gas Corp. (TSX: UHO), a Canadian junior-oil and gas company with operations in California and Canada is one of them. Today, the company announced the completion of leasing an additional 4,983 acres at the Porter Ranch in the Huasna Basin, onshore California. UHO's percent of the leasing costs was $27,224.60. The total number of acres leased for this project now stands at 9,051. The greater land will help the company increase the amount of oil and gas they are able to produce.
The Porter Ranch leases are held by Alamo Creek Oil LLC (Alamo) a Californian incorporated company, 45% owned and jointly operated by UHO, 45% by its Mankins Ranch partner Australian Oil Company and 10% owned by CALOG LLC (wholly owned subsidiary of AOC). The leases were last explored in the 1980's by Philips Petroleum Company (PPC) who acquired seismic data, drilled one well and completed extensive roadworks and well pads for 2 well sites prior to abandoning due to PPC's decision to withdraw from California completely.
Alamo is in process of acquiring 91 miles of 2D seismic data from PPC (now ConocoPhilips) which will be reprocessed and evaluated prior to drilling. The moves represent the company’s interest
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