PXP has submitted an Amended 2013 Drilling Plan to the County for approval. The County is now accepting public comments, but the comment period is quite short, ending on December 20. The essential purpose of the Amended Plan is to increase the number of wells PXP can drill in 2013, with the amendment allowing them to drill 53, the maximum number allowed by the CSD and the Settlement Agreement.
If you want to read the Amended Plan, it can be found at http://www.inglewoodoilfield.com/plans, where it is currently at the top of the list labeled “Plans Reviewed by CAP.” (The label is somewhat misleading, since the Amended Plan has not been reviewed by the CAP. While it was mentioned by PXP at our last meeting, it was not made available until after the meeting, and comments must be submitted well before the next CAP meeting.)
We encourage you to submit your comments regarding this Amended Plan. (Only four comment letters were submitted for for the original 2013 Drilling Plan last fall, and aside from the letter written by our own John Kuechle, none of them came from Culver Crest.)
As you may have heard, PXP is being acquired by the much larger Freeport McMoran Copper & Gold, Inc. While shareholder approvals still remain to be obtained, the current thinking is that the merger will close this June. We were told at the CAP meeting that this will not change the management team responsible for the Baldwin Hills oil field.