San Diego-based Ziyen Energy recently secured an oil contract in Indiana, its third in the last year, and part of plans to acquire $500 million in oil reserves in 2018.
Ziyen Energy, formed in 2017, is focused on advanced oil extraction methods. It’s a division of Ziyen Inc., a Scottish-American company that develops procurement software.
Its latest deal, the terms of which were not disclosed, encompasses 140 acres of land in Gibson County. According to the company, the property could contain 500,000 barrels of crude oil reserves.
Last year, Ziyen Energy acquired two oil leases, one of which contains oil reserves that are estimated at more than $36 million. Oil samples and geological reports have been carried out, and Ziyen Energy plans to begin oil production in the summer of 2018.