Ann: Acquisition of Operating Oil Fields , page-3

Just having a bit of a look at google to see what our new leaders are looking to acquire and on the surface they look like they could be good assets.

Two operating oil fields in the San Joaquin Basin with an additional 70% interest in 500 acres in the Kern River region. Plus 15% of a licence in Taranaki Basin in New Zealand.

Wikipedia has the following to say about the San Joaquin Valley for petroleum exploration/production:

The oil and gas fields in Kern County are receiving increased attention since the July 2009 announcement by Occidental Petroleum of significant discovery of oil and gas reserves. Even prior to this discovery the region retains more oil reserves than any other part of California. Of California fields outside of the San Joaquin Valley, only the Wilmington Oil Field in Los Angeles County has untapped reserves greater than 100,000,000 barrels (16,000,000 m3), while six fields in the San Joaquin Valley (Midway-Sunset, Kern River, South Belridge, Elk Hills, Cymric, and Lost Hills) each have reserves exceeeding 100,000,000 barrels (16,000,000 m3) of oil.

And some info on the Mangatoa lead (although it looks like NFL made a typo as it should be PEP 381204, not PEP 38 1024):

http://www.nzpam.govt.nz/cms/news/2010/kea-petroleum-acquires-two-more-offshore-permits?searchterm=mangatoa

http://www.keapetroleum.com/presentations/Acquistion-of-PEP381204.pdf