Oil and Gas Exploration stocks have been hitting the penny stock market in waves this year. Even the pump and dump North Springs Resources Corp. (OTC: NSRS) was approved by CEO and President Harry Lappa to switch from Gold exploration to Oil. One of the penny stocks to watch in the near-term is those of Citadel Exploration Inc. (OTC: COIL) who are currently surveying land in San Benito, California for project Indian.
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COIL Stock Chart
Market Cap: 14.84M
Shares Outstanding: 20.32M
During May 2012, Citadel Exploration issued 42,500 shares COIL stock to an investor for $34,000 in cash received during the year ended December 31, 2011.
Project Indian is located in the Bitterwater sub-basin of the Salinas Basin, north of the giant San Ardo Field. It is a shallow anticline defined by surface geology and well control that may have over 100 million barrels of heavy (11-14 gravity API) oil in place. A well that was drilled and cored extensively by Chevron in 1976 (Tannehill Ranch Corehole #9) showed the oil is trapped in highly porous and permeable basal Pliocene sands at 300-500 feet deep with 300’ of claystone cap rock. This accumulation is a strong analog to another discovery made by the founders of Citadel Exploration at Northwest San Ardo, albeit at a shallower depth.
Citadel Exploration, LLC, a wholly owned subsidiary of Citadel Exploration Inc., entered into a lease for 688.71 acres of property with Vintage Petroleum, LLC, a company owned by Occidental Petroleum Corp. (NYSE: OXY), for the purposes and with the exclusive right of prospecting, exploring, mining, drilling and operating the leased premises for oil and gas.
About COIL Stock
Citadel Exploration, Inc. is an oil and gas exploration and production company with operations in the Salinas Basin of California. The Company has a broad portfolio of capital investment opportunities arising from the management’s extensive knowledge of the geology and the history of oil and gas exploration and development in California, as well as a long-term presence and familiarity and relationships with other companies engaged in oil and gas industry in California.
Bottom Line: The penny stock of Citadel Exploration, COIL, should be watched simply due to both the gains oil and gas exploration stocks tend to provide and the small amount of shares outstanding COIL stock has. There is said to be less than 6 million shares in the Float which could provide some impressive percentage gains if this penny stock gets some momentum going.
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