Crudecorp ASA was formed in January 2007 and has from the beginning focused its activities in the North American market.
In June 2008, Crudecorp AS secured a 75 % working interest and sole operatorship of the Chico Martinez field outside Bakersfield in California. Chico Martinez is believed to have oil resources of approximately 50 million barrels of oil in the fields Etchegoin formation. Crudecorp also owns 22.33% of the royalty (mineral) rights to the field. In October 2010 the company increased it's working interest to 90%.
The company estimates that net royalty payable on gross production from Chico Martinez will be in approximately 13 %.