AM Oil Resources & Technology Inc. announced yesterday after the closing bell that the company has targeted the Bakersfield, California oil industry as its initial target market. Surrounded by the prolific Kern River County oilfields, Bakersfield is an oil, mining, and agricultural center at the southern end of the San Joaquin Valley in South central California. Kern County is home to 18 giant oil fields that have produced more than 100 million barrels of oil each, including four “super giants” that have each produced over 1 billion barrels of oil. According to the San Joaquin Geological Society, approximately 31,000 oil wells have been drilled in the county and 10% of U.S. production comes from this region.
“The Bakersfield area and Kern County in general is an important target market for our patented Portable Steam Generators,” commented Keith A. Johnson, CEO of AM Oil Resources & Technology. “We are actively working on two different fronts in this area: strategic business alliances and joint venture opportunities with existing producers who could significantly increase production by utilizing our technology; and, acquisitions where we can employ our technology on Company owned properties thereby increasing our asset base and significantly improving gross margins.”
We believe that we can accomplish this in the short term and we are excited about our progress thus far,” further commented Mr. Johnson. “We are by no means limiting ourselves to the Bakersfield area; there are other areas in the southern states in particular that are extremely attractive, as well as, strong international possibilities. California is our initial target.”
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