2011-05-31-2011-05-12

Acquired 689-acre Indian Shallow oil development project in CA Salinas Basin.

Citadel Exploration Inc., Los Angeles, has acquired the Indian Shallow oil development project in the California Salinas Basin from Vintage Petroleum LLC, division of Occidental Petroleum Corp., Los Angeles, (NYSE: OXY) following the acquisition of 100% of the membership interest of Citadel Exploration LLC.

The assets are in the Bitterwater subbasin of the Salinas Basin, consisting of 688.71 acres of leased property.

Citadel founder Armen Nahabedian says, "This acquisition and our transition from a private oil and gas exploration company to a public company is a major step in the implementation of our growth strategy."