Pacific Coast Energy Company LP (PCEC) announced today that Measure P
was defeated in Santa Barbara County. The final unofficial results were
62.65% against and 37.35% in favor. Final election results can be found
at www.sbcvote.com.
Hal Washburn, President of PCEC, said, “We are extremely pleased with
the vote of confidence that the citizens of Santa Barbara County have
given PCEC and our operations at Orcutt Hill by defeating Measure P.
With this vote, the people of Santa Barbara County recognized that
California, and Santa Barbara County in particular, already holds
companies like PCEC to the highest industry standards in the United
States. We welcome the chance to continue operating in the Santa Maria
Basin and supporting the local economy by creating and retaining good
paying jobs and contributing to the tax rolls. We and all of our
employees take great pride in being a good neighbor in Santa Barbara
County, and we want to thank the voters for their support.”
PCEC chaired the industry steering committee that worked to defeat
Measure P by educating the voters of Santa Barbara County about the oil
and gas industry and the significant role that it plays in the local
economy.
About Pacific Coast Energy Company LP
Pacific Coast Energy Company is a privately held Delaware limited
partnership engaged in the production and development of oil and natural
gas from the Orcutt properties located in the Santa Maria Basin and the
East Coyote, Sawtelle, and West Pico properties located in the Los
Angeles Basin in California. PCEC formed Pacific Coast Oil Trust in May
2012.
About Pacific Coast Oil Trust
Pacific Coast Oil Trust (NYSE: ROYT) (Trust) is a perpetual Delaware
statutory trust formed by PCEC to own net profits interests and an
overriding royalty interest in certain oil and gas properties held by
PCEC located in California in the Santa Maria Basin and the Los Angeles
Basin. For additional information on the Trust, please visit www.pacificcoastoiltrust.com.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended. All statements contained in this press release,
other than statements of historical facts, are “forward-looking
statements” for purposes of these provisions. Statements made in this
press release are qualified by the cautionary statements made in this
press release. Neither PCEC nor the Trust assumes any obligation to
update any of the statements included in this press release. An
investment in units issued by the Trust is subject to the risks
described in the Trust's Annual Report on Form 10-K for the year ended
December 31, 2013 filed with the SEC on March 17, 2014, and if
applicable, the Trust’s Quarterly Reports on Form 10-Q. The Trust’s
Annual Report on Form 10-K and the Quarterly Reports on Form 10-Q
reports are available over the Internet at the SEC's website at www.sec.gov.
Pacific Coast Energy Company LP
Antonio D’Amico
Vice President, Investor Relations & Government Affairs
or
Jessica Tang
Investor Relations, Manager
213-225-0390