California Resources, Macquarie in JV to invest in oil and gas properties

|About: California Resources Corpor... (CRC)|By:, SA News Editor

California Resources (NYSEMKT:CRC) and Macquarie announce a joint venture to invest as much as $300M to develop oil and gas properties in California, with a focus the San Joaquin Basin.

Macquarie will fund 100% of the development wells, in which it will earn a 90% working interest, and CRC’s working interest will revert from 10% to 75% after Macquarie achieves an agreed return.

CRC +1.1% premarket.