Please ensure Javascript is enabled for purposes of website accessibility

Hathaway LLC

Operations

EDISON

First commercial production began in 1953 from the Basal Chanac sand. Subsequent development included fluvial sands in the overlying Kern River Formation with similar reservoir properties. Substantial amounts of oil remain in place in the Kern River Formation. Less than 4% of the 59+MMBO has been recovered.

• Hathaway acquired its interest in 2013 and has amassed ~750 acres in the northern portion of the field. Hathaway has installed a gas pipeline, and obtained permits for cyclic steaming and water disposal.

• Hathaway drilled nine Basal Chanac horizontal wells, one water disposal well, and one water source well and the infrastructure for future steamflood development. Production grew from zero to 100-200 bopd with cyclic steaming.

• Proposed development program includes a 96 pattern steamflood in the Kern River and seven additional Basal Chanac horizontal wells.

• In late 2016, Hathaway acquired two additional leases; Teget and LV Smith.

• In 2018 Hathaway and its partners drilled a 2.3-acre 7 spot steam flood pilot to prove the larger projects concept. A SOR ratio of less than 10 was accomplished on this standalone pilot proving the larger projects economic viability. A larger capital partner will be required to fully build out this project.

• This asset is one of the largest undeveloped, fully permitted shallow steam flood opportunities in California.

FRUITVALE

• First commercial production in 1928, the field produces from stacked pay in the Etchegoin & Chanac Formations.

• Hathaway acquired its original interest from Crimson Resources and California Resources Corporation in 2014, in an underdeveloped portion of the field.

• Obtained one of the first UIC Aquifer Exemption permits ever awarded in the State of California. This unprecedented accomplishment was a two-year long process and covers the entire Santa Margarita Formation in the Fruitvale Field.

• Hathaway drilled two wells at the KCL lease in 2014 – 1st drilling program on lease since 1953; conducted workover program at KCL in 2014 RTP three wells, converted one well to water disposal. Production increased from zero to approximately 50 bopd.

• Hathaway obtained the exclusive right to lease an additional 640 acres in the field in 2015.

• In 2018 Hathaway drilled an additional three wells on its CRC acreage.

• Proposed development program includes approximately 130 vertical/directional wells and 4-10 horizontal wells (contingent on vertical drilling results).

JASMIN

• Commenced in 1946, production at Jasmin targets the Cantleberry sand, a shallow marine shoreline sand with 35% porosity and permeability of 2,500 md.

• Hathaway LLC has drilled 31 infill wells (nine vertical and 22 horizontal), growing production from approximately 40 BOPD to 605 BOPD (highest field production ever in 2016) and has cumulatively produced more than 900,000 barrels of oil since mid-2006.

• Hathaway LLC acquired its original interest through an acquisition from E&B Resources in 2006.

• Hathaway LLC acquired an additional 160 acres of Cantleberry acreage in 2015.

• Additional development opportunity remains primarily through in-fill drilling of up to 46 horizontal and vertical PUD and non-proved locations.

KERN FRONT

•Hathaway drilled one Chanac horizontal well in 2013 as an infill between abandoned producers. The well has the potential for a significant amount of production; however, the property needs added water recycling capacity and is currently shut-in. Water produced from this lease is fresh and permitted for use in agricultural operations.

• Proposed development program includes seven additional horizontal wells.

• First commercial production in 1912, the field produces from the Etchegoin & Chanac Formations.

• Hathaway acquired a 200 acre lease in 2009 in the northwest corner of the field. Began development in 2009 with two vertical Chanac producers (1st development since mid-1970s).

POSO CREEK

• Hathaway acquired leases in 2007 in the underdeveloped northern portion of the field. 1st well drilled in 2007 IP’d 120 BOPD (1st development since early 1960s).

• Hathaway has drilled 15 producers and one water disposal well, expanding productive area to 280 acres. Production increased from zero to approximately 100 bopd with cumulative production over 178 MBO since 2007.

• First commercial production in 1919, the field produces from the Basal Etchegoin sand, a shallow marine shoreline sand with 33% porosity and permeability of 1,600 md.

• Proposed development program comprised of approximately 40 producers, which includes a 25 pattern steamflood.

• An Aquifer exemption for this portion of the field was obtained in 2019.

• Oil production was established in 1926 in the Mount Poso Oil Field. In early 2023 Hathaway acquired 128 oil wells from California Resources Corporation, located in the Dominion Area of the Field. Substantial work is currently being completed on the properties. There are significant remaining oil reserves contained within these properties along with a shallow producing horizon.

MOUNTAIN VIEW

• In 2020 Caballero Operations LLC (Hathaway partnership entity) acquired the assets of Atlantic Oil Company.

• Since 2020 over 15 outdated facilities in the Mountain View Field have been removed and over 40 wells have been identified as RTP candidates. Multiple properties have been electrified and all are in the process of being automated.

• 2022 large facility consolidation project was commenced with intent of reducing Caballero’s tankage footprint by over 80%.

SAC BASIN NATURAL GAS​

• Through the Caballero/Atlantic acquisition 23 wells and 4 compression facilities were obtained in the Grimes, Sutter City, Tisdale and Rice Creek fields.

• Multiple compression station upgrades were made to improve efficiency and many regulatory deficiencies were remediated.

• Since 2020 Caballero has re-worked 7 wells in the area doubling its production to over 760 MCF a day.

• Caballero is actively evaluating additional opportunities to grow/consolidate in the area.

MT. POSO

• Oil production was established in 1926 in the Mount Poso Oil Field. In early 2023 Hathaway acquired 128 oil wells from California Resources Corporation, located in the Dominion Area of the Field.
 
• Substantial work is currently being completed on the properties. There are significant remaining oil reserves contained within these properties along with a shallow producing horizon.