Consider a Consent to the Change in Parental Guarantees for Oil & Gas Leases No. PRC 8377.1 & PRC E-415.1 to the Newly Formed California Resources Corporation,

Summary

SCH Number
2014068443
Lead Agency
California State Lands Commission
Document Title
Consider a Consent to the Change in Parental Guarantees for Oil & Gas Leases No. PRC 8377.1 & PRC E-415.1 to the Newly Formed California Resources Corporation,
Document Type
NOE - Notice of Exemption
Received
Posted
6/24/2014

Document Description
Rio Vista Gas Field and Grizzly Island Wildlife Management Area, Contra Costa, San Joaquin, Sacramento and Solano Counties. Consent to the change in Parental Guarantees for both leases (PRC 8377.1 and PRC E-415.1) from Occidental Oil and Gas Holing Company to CA Resources Corporation (CRC) for full performance of obligations under the lease, effective upon the State's receipt of: (1) declaration of the United States Securities and Exchange Commission that CRC's Registration Statement on Form 10 is effective; (2) the most recent pro forma balance sheet included in CRC's Registration Statement on Form 10 and declared effective by the United States Securities and Exchange Commission that reflects the net worth (total assets less total liabilities) of CRC to be in excess of One Billion Dollars (US); and, (3) final approval of Oxy's spin-off by the OPC Board of Directors.

Contact Information
Nazee Heda
California State Lands Commission
100 Howe Avenue, Suite 100-South
Sacramento, CA 95825-8202

Phone : (916) 574-1900

Location

Counties
Contra Costa Sacramento San Joaquin Solano

Notice of Exemption

Exempt Status
Other
Type, Section or Code
S:15378
Reasons for Exemption
The activity is not a project as defined in Section 15378 CCR. [Esc. 15060(c)(3)CCR] Consent to change parental guarantees for Oil and Gas Leases does not have a potential for resulting in either a direct or a reasonably foreseeable indirect physical change in the environment, and is, therefore, not a project in accordance with CEQA.
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