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Citadel Exploration, Inc. announces a new two-year lease at Project Indian

Monday, Mar 12, 2012

Citadel Exploration, Inc. (OTCQB: COIL) today is pleased to announce that it has successfully negotiated a new two-year lease at Project Indian. “This is a huge achievement for us," said Armen Nahabedian, President and CEO. "We have a number of opportunities we would like to pursue, and with this extension, new doors have been opened. The property is now marketable for a sale, and proceeds from a potential sale could be used to help build our company." Project Indian is a shallow heavy oil development accumulation in San Benito County, California. Citadel Exploration, Inc. is in active discussions regarding a sale of some or all of the interest in this project.

Source: Business Wire

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