Altoona Lease: Midway Sunset Oil Field, Kern County, California

Midway Sunset Oil Field, located in the San Joaquin Valley in California, has produced in excess of 3 billion barrels of oil since first production initiated in 1889.

Chevron Corporation has been operating in the San Joaquin Valley for over 100 years and its interests in the area represent its core, onshore USA assets.

The Altoona Lease is a highly unique opportunity for a small company to benefit from substantial investment and de-risking of the target opportunities by a major company.

Surrounded by Chevron on 3 sides, the project is a direct beneficiary of the infrastructure and pipelines built to service Chevron’s production in the area.

PartnerEquityPayingProfit Share
YFP (Operator)69.0% 22.5%41.9%
New Age12.8% 32.1%24.1%
EER6.8% 16.8%12.6%
PetroNor6.5% 16.3%12.2%
ADM Energy4.9% 12.3%9.2%

Midway-Sunset Oilfield at a Glance

3Bn+ bo

produced since discovery

532m bo

Estimated reserves (2008)


Oilfield is discovered

Analog Field Study Indicates Significant Potential


  • Discovered in 1915
  • 20 Acres
  • 5 MM BBL- OOIP
  • Less than 1 MM BBL Primary Production
  • Never properly developed on secondary basis

Pru Fee Lease:

  • Discovered in 1915
  • 40 Acres
  • 10 MM BBL – OOIP
  • 2.44 MM BBL Primary Production
  • 6.6 MM BBL produced AFTER enlightened development programme implemented
  • 9.2 MM BBL cumulative production (2017)

Recent Nearby Chevron
Drilling Results

Note: Production as reported by Chevron to State of California CALGEM website.

Aje 5 subsea Tree
Aje 5 subsea Tree
Aje Drilling Operations
Aje Drilling Operations
Front Puffin FPSO Onsite
Front Puffin FPSO Onsite
Front blueprints
Front Puffin FPSO Onsite
Production Facilities
Production Facilities
Front Puffin FPSO Onsite
Front Puffin FPSO Onsite