SAN LUIS OBISPO COUNTY, Calif- San Luis Obispo County has been slapped with a 6-billion dollar lawsuit by Exceleron Oil Company. It filed the lawsuit this month. The oil company has been trying to receive approval from the county for the past three years to drill new oil wells in Hausna but was denied last summer.
The Hausna area was a site for oil productions for decades, until the late 80's and Exceleron wants to pick it up again. According to the lawsuit, the company claims it has ownership of certain mineral rights in the Hausna Valley and has suffered because the county has denied its use.
Exceleron said the 720 acre oil field sits atop of 208-million barrels of oil, at 100 dollars a barrel, valuing at 20.8-billion. Of that, 30-percent is recoverable which comes out to a little over 6-billion dollars.
"They didn't intend to approve any oil project in the Hausna area in general, and specifically on the Mankins Ranch where the project is located, we feel that is essentially tantamount to a complete prohibition on oil development in the area," said C.M. Florence, a Principal Planner at Oasis Associates who helped manage the project.
Exceleron also wants attorney fees and other expenses. The company claims over half a million dollars was spent to have its project reviewed. The company is asking the county to change their mind so they can move forward with the project and it will drop the lawsuit.
The county has not been served with the lawsuit yet.
Saturday, May 18 2013 11:14 PM EDT2013-05-19 03:14:07 GMT
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