E&B Natural Resources’ Traditional and Renewable Energy Projects Help California Achieve its Climate Goals

BAKERSFIELD, Calif.–(BUSINESS WIRE)–E&B Natural Resources Management Corporation (E&B), an independent oil
and gas company based in California, is investing in solar electricity
to help run its oil production activities in Santa Barbara and Kern
counties. E&B’s solar initiative will reduce its greenhouse gas
emissions from the two projects. In total, this will result in a
combined carbon dioxide emissions reduction of more than 700,000 metric
tons over the 20-year life of the projects.

An integrated solar oil field operation consisting of a 23 MW DC
photovoltaic facility generating electricity will be constructed at the
Poso Creek oil field in Kern County which is co-owned by E&B and Grade 6
Oil, LLC. In Santa Barbara County, E&B will deploy a 3 MW DC
photovoltaic facility at its oil operation in New Cuyama. This solar
energy will displace traditional utility-supplied electricity, therefore
reducing greenhouse gas and other emissions. Project construction is
expected to begin in the first half of 2019 with full implementation in
2020.

“This project to run existing oil operations with solar power is an
excellent example of California’s climate initiative in action. It
proves the viability of the state’s programs to reducing greenhouse
gases,” stated Das Williams, Santa Barbara County Supervisor. “It is
encouraging to see an oil company taking steps to transition to
renewables, especially in areas like the Cuyama Valley. As a proud
environmentalist who successfully advocated that over 50% of the state’s
energy come from renewable sources by 2030, I applaud E&B’s initiative.”

“E&B is committed to using the best technology available to the
industry,” stated Steve Layton, President of E&B. “By integrating solar
technology into E&B’s oil and gas operations, these projects demonstrate
that renewable energy and oil production together can provide
Californians with a reliable source of low-cost and environmentally
friendly energy.”

“In Kern County, we are proud of the proven ‘all of the above’ energy
strategy. As a leader in both oil production, innovation and renewable
energy, Kern has land use policies that support this project. And with
our continued collaboration with our business community, we demonstrate
the economic value of energy development for a healthy community,”
said Lorelei Oviatt, ACIP, Director Kern County Planning and Natural
Resources Department.

“Environmental stewardship is a vital part of E&B’s operation,”
concluded Layton. “We hope that the Santa Barbara and Kern projects
serve as a model to demonstrate how traditional and renewable
technologies can work together to achieve a common goal.”

About the Projects:

The Poso Creek Solar Project is a 23 MW DC photovoltaic facility
proposed in Kern County at the Poso Creek Oil Field (located north of
Bakersfield about 5 miles). It is projected to provide 20 to 50 percent
of the company’s electricity site requirements for the next 20 years.
The Poso Creek oil field was discovered almost a century ago in 1920.
E&B has had an ownership position in the field for almost 40 years.

The Cuyama Valley Solar Project is a 3 MW DC photovoltaic solar facility
proposed in Santa Barbara County at the South Cuyama Unit and projected
to provide 25 to 50 percent of the company’s electricity site
requirements for the next 20 years. The oil field in the Cuyama Valley
was discovered in 1948 and E&B took ownership in 2004.

About E&B Natural Resources Management Corporation:

E&B Natural Resources Management Corporation (www.ebresources.com),
an independent oil and gas company headquartered in Bakersfield, CA,
produces approximately 12,000 barrels daily from 25-plus oil and gas
fields in California, Louisiana, Kansas and Wyoming. E&B has grown
rapidly in the last decade by employing the balanced approach of mature
field revitalization, acquisitions, and exploration and is one of the
largest privately-owned oil and gas companies in California.

About Grade 6 Oil, LLC:

Grade 6 Oil (www.grade6oil.com)
is a Los Angeles-based investment company focused on the energy and
infrastructure industries with holdings in upstream production,
midstream and related infrastructure assets. Grade 6 Oil, LLC seeks to
invest with strong operating partners, seasoned executives, and
high-quality financial investors to structure transactions and manage
long-lived assets.

Contacts

Ted Cordova
tcordova@ebresources.com
(661)
368-1003