LOS ANGELES, Dec. 9, 1999, (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) said today it has acquired from Chevron deep exploration rights in the Buena Vista field adjacent to Occidental's Elk Hills oil and gas field in Kern County, California.
The Buena Vista rights, in addition to lands acquired at recent Bureau of Land Management sales, are being integrated with Occidental's Elk Hills properties under a single management team.
The Buena Vista rights cover 19,834 acres, bringing to nearly 23,000 Occidental's total exploration acreage near Elk Hills. Elk Hills itself covers approximately 47,000 acres, increasing the total acreage position to approximately 70,000 acres.
Exploration rights at Buena Vista begin below unitized formations or 100 feet below the deepest-producing horizon in each section.
Terms of the transaction were not disclosed.