Salinas bulking up California portfolio

SALINAS Energy has entered into an agreement to acquire Nations Petroleum (Paris Valley) from Nations Petroleum USA, giving it a 100% stake in the Paris Valley oil field in Monterey County, California, that could hold about 132 million barrels of oil-in-place.

While Salinas had previously entered into a farm-in agreement with Nations to earn a 50% stake in the project for funding a work program, the two companies have now opted for Salinas to take a 100%