Project Tycoon is a well-established oil company drilling company located in Southern California. For purposes of the sale, both the oil company and the real assets/ properties are offered for sale.
Oil is pumped from 16 different locations in the Northern Orange County area. Of the 16 properties, 12 are owned by Project Tycoon and the remainder is leased from the landowner. Group 1 is the oil produced from the leased properties. Group 2 & 3 are the properties owned by Project Tycoon.
Combined, Group 2 & 3 total ~175,888 square feet or nearly ~4 acres. The sites are currently undevelopable for residential improvements as they are equipped with nine oil pumps, a tank farm and pump station, and related equipment at this time.
Project Tycoon holds the mineral rights, hereinafter referred to the “Group 1 Lease”, to four additional parcels located in Northern Orange County. The parcels are equipped with seven oil pumps, a tank farm and pump station, and related equipment
Project Tycoon is the owner of both the mineral and surface rights related to the Group 2 & 3 Leases and the mineral rights under the Group 1 Lease.
Under the Group 1 Lease, Project Tycoon pays a royalty of 16.67% percent of oil and gas income to the landowners as well as property and mineral rights taxes. Project Tycoon is also responsible for frontage landscaping.
Ad#:2351431
