California Resources Corporation (CRC) operates 53 fields in the Sacramento Basin primarily consisting of dry gas production. CRC currently holds approximately 0.5 million net acres in the basin, approximately 36 percent of which we hold in fee. We believe our significant acreage position in the Sacramento Basin gives us the option for future development and rapid production growth in an attractive natural gas price environment.
The Sacramento Basin is a deep, thick sequence of sedimentary deposits within an elongated northwest-trending basin located in northern California covering about 12,000 square miles and forming the northern part of California’s Central Valley. It contains a thick sequence of sedimentary deposits that range in age from lower Cretaceous to Neogene sediments in an area that is approximately 200 miles long and 45 miles wide. Producing reservoirs range from upper Cretaceous-age to Pliocene-age. The main reservoirs are the Cretaceous Starkey, Winters, Forbes, Kione, and the Eocene Domengine sands. Exploration in the basin started in 1918 and was focused on seeps and topographic highs. In the 1970s, the use of multifold 2D seismic surveys led to large discoveries in the basin. The acquisition of 3D seismic surveys in the mid-1990s helped define trapping mechanisms and reservoir geometries. The Sacramento Basin has been extensively explored for petroleum resources, and more than 10 trillion cubic feet of natural gas have been produced.