Company

Crudecorp AS was formed in January 2007 by two serial entrepreneurs and two experienced subsurface experts.  Company focus was to create value along two primary axis :

1. Apply for shares in license awards for new exploration areas, with primary focus on the North Sea.   The evaluation of new exploration areas is a phase of a field life cycle where smaller operators with a strong subsurface team can create significant shareholder value.  Moreover,  ample business opportunities will probably continue to exist, as petroleum authorities in many countries believe it is beneficial for maximum resource recovery that multiple stakeholders hold ownership in a license.
2. Acquire land based lease acreage and abandoned/mature assets that were, and then maximize recovery of hydrocarbons in place through the application of advanced engineering practices and new technology.

In April 2007, Crudecorp merged with STL Energy LLC, a US company founded by a group of experienced deep-water engineers working in the Gulf of Mexico.  STL Energy focus was to take over and rehabilitate assets in the US that over the years have been abandoned during times of low oil prices.

After the merger, Crudecorp focused on building US activities through the wholly owned subsidiary Crudecorp Inc. 

Initially Crudecorp Inc aggressively acquired potentially producable acreage in Kentucky, and also added some assets in Texas to its portfolio.  However, after drilling more than 40 wells and establishing some initial production, the Crudecorp AS concluded that the Kentucky assets did not contain sufficient reserves to justify full development, and the assets were sold to a local company. As a concequence,  in 2009 Crudecorp AS decided to close down Crudecorp Inc.

In November 2008, Crudecorp AS acquired a 75 % working interest and sole operatorship of the Chico Martinez field outside Bakersfield in California, and the sole focus is currently to develop this field which is believed to contain more than 20 million BOE of producable reserves.