California Resources Corporation (CRC) actively operates and develops 29 fields in the Ventura Basin consisting of primary conventional, improved oil recovery, enhanced oil recovery and unconventional project types. We currently hold approximately 0.3 million net acres in the basin, approximately 72 percent of which we hold in fee.
The Ventura Basin contains a Cretaceous-age to Pleistocene-age, mostly marine, sedimentary section in a major fold and thrust belt that began developing during the late Pliocene. The basin is the onshore part of the main structural feature and its offshore extension is the modern Santa Barbara Basin. All of the sedimentary section is productive at various locations, and most reservoirs are sandstones with favorable porosity and permeability. In general, most traps are anticlinal, modified to some degree by faults and with significant stratigraphic trapping. The Ventura Basin contains multiple stacked formations throughout its depths, and we believe that it provides an appealing inventory of existing field re-development opportunities, as well as new play exploration potential. In 2013, we completed the acquisition of the first ever 3D seismic survey in the Ventura Basin. We believe this 3D seismic data gives us a competitive advantage in exploring this basin.