Citadel Exploration, Inc (OTCPK:COIL) has signed a non binding letter of intent with Cibolo Creek Partners, LLC to fund future acquisition of oil and natural gas assets located in California and development of assets. "I have worked with the principals of Cibolo Creek for more than a decade. They share Citadel's view that the current commodity price environment has created a unique opportunity to acquire oil and natural gas properties,” said Phil McPherson, Chief Financial Officer of Citadel.

“We are currently evaluating several acquisitions and believe over the next 60-120 days we will be successful in adding these properties to our current oil and natural gas portfolio.” he added.