Citadel Exploration, Inc (OTCPK:COIL) signed a letter of intent to acquire Kern Bluff Oil Field for $2.5 million in cash and stock on May 12, 2015. A deposit of $0.1 million was paid as a deposit. The consideration includes payment of $2 million in cash and issuance of 6 million shares of common stock of Citadel Exploration, Inc for $0.08 per share. The acquisition includes approximately 1,100 acres, production facilities, one well producing approximately 8 barrels of oil per day and over 30 idle well bores. The acquisition was financed by a $3 million one year term loan from Cibolo Creek Partners, LLC.

Citadel Exploration, Inc (OTCPK:COIL) completed the acquisition of Kern Bluff Oil Field on July 31, 2015.