Oil Firm Claims It'll Lose $6.2B From Calif. Project Denial

Law360, New York (November 26, 2012, 5:19 PM EST) -- California's San Luis Obispo County wrongly rejected Excelaron LLC's plan to drill for oil in the county's rural Huasna Valley, potentially costing the exploration company more than $6.2 billion worth of oil, one of the firm's owners said Wednesday.

The complaint lodged in California state court claims county officials abused their discretion in rejecting Excelaron's proposal to drill new wells in an oil field located beneath the Mankins Ranch, according to Australia-based oil and gas firm Australian Oil Company Ltd., which co-owns Excelaron with Canadian firm...
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