I'll try Stapleman. Basically we have a heavy oil field at shallow depth. The permeability at 2-8 darcies is poor (1-10 is poor/ 10-100 good). But the porosity at 31% is excellent.
Fortunately the low permeability can be overcome by thermal methods which is why Neon are starting to use steam.
The nature of the reservoir appears to be an ancient river delta, known to be excellent depositorys for oil/gas formation.
Historically these areas were often held by parties for years and years, some with development and some not so as appears to be the case here. My guess is everyone was chasing the then easy money at the large San Ardo field and more or less forgot about North San Ardo.
Hope that helps.
This glossary site from Schlumberger can be useful: