Black Rock Petroleum Company Announces Approved Permit and Drilling Program

1/27/2021, 11:05 PM (Source: GlobeNewswire)

Los Angeles Ca , Jan. 27, 2021 (GLOBE NEWSWIRE) --

Black Rock Petroleum announces it has approved  a permitting and drill program at its Torrance California Oilfield to drill up to 10 new oil wells.  

Black Rock Petroleum Company (OTC: BKRP) a Nevada corporation  announced today that it has approved  a permitting and drilling program of up to ten new wells at  its recently  acquired  Torrance 520 Acre California Oilfield in the Monterey Shale. Torrance Petroleum its wholly owned subsidiary will commence  a permitting and drilling program to drill the wells

Philip Andrews its managing director is an  experienced oil and gas executive and he will oversee the permitting and drilling program of the 520 Acre Development with plans for ten initial wells to be drilled to bring the field into production, he is also reviewing potential oil and gas opportunities in Texas and Nevada  for BKRP to acquire and Drill on as part of its rapid expansion plan.

About Torrance California Oilfield

Located in Los Angeles County, California, 520 acre development area situated in the Monterey Shale play with estimated minimum (PUD) Recovery of 5-17 MMBbls. Up to 34 MMBLS With Esteam Technology, Potential Original Oil in Place Recovery could exceed 45 MM Bbls.  Monterey Shale Reserve is Estimated at more than 15 Billion Barrels and has long been seen as an area of huge potential oil production using new methods to extract the vast reserves known to exist.

Torrance Oil Field Summary:

  • Original Production1920-1950s
  • Producing Formations: The "MAIN" and Del Amo Zones
  • OOIP:  68-109 MMBbls
  • Production to Date:  4.92 MMBbls (4-7 % of OOIP)

Torrance California oilfield is a 520 acre oilfield site in Torrance California that has historically produced 4.9 million bbl of oil to date and still holds 68 – 109 m bbl oil in place and an estimated net producible 34,000,000 bbl of extractable oil using the steam flood technology.

Philip Andres commented, “We are excited to mobilize our resources for a entry into the California oil production Market where California that 20 years ago imported only 15 % of its Crude oil is now importing 70 % of its Crude oil with 34  % coming from Saudi Arabia and 14 % from Ecuador, our strategy is to get the Torrance field into production and to  grow BRRP rapidly by acquisitions in USA and Internationally utilizing our extensive industry contacts to achieve our goal of growing BKRP via acquisitions at a time when there are abundant opportunities in the oil Sector for an acquisitive junior oil co. We believe we have a competitive advantage as the new Biden administration has placed a 60 day moratorium on Federal lands oil leases and permitting process and that this administration’s policies will lead to future restrictions on Federal lands being made available for oilfield leases making our existing 520 acre development in California even more valuable an asset.   

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Safe Harbor Statement: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934; and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and as such are by definition subject to risks and uncertainties.

Zoltan Nagy, CEO                                               
Source: Black Rock Petroleum Co./ Torrance Petroleum Co.   

Authorized by Zoltan Nagy, CEO


Zoltan Nagy  778 814 7729 
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