The Santa Barbara Channel is between the Oxnard plain in Ventura County on the east and Point Concepcion in Santa Barbara County on the west. It is approximately 75 mi long and 22 mi wide, and encompasses an area of about 1,650 sq mi. It is bounded on the north and east by the Santa Barbara County-Ventura County coastline and on the south by the westward-trending Channel Islands chain. Maximum water depth is 2,050 ft. The areal extent of federal acreage in the channel is approximately 1,250 sq mi.

Geologically, the area comprises the western half of the prolific oil-producing Ventura basin. More than $100 million has been spent on channel exploration during the past 20 years and has indicated substantial oil-producing potential.

On February 6, 1968, 165 bids totaling $1,293,601,113.26 were submitted on 75 of the 110 tracts offered for lease by the U.S. government. These covered the most promising of the known geologic structures within the federal channel area. Bids ranged from a high of $61,418,000 ($11,373.70 per acre) to a low of $92,736 (16.10 per acre). Four bids were rejected as too low for the tracts offered. The amount overbid by successful bidders totaled nearly $273 million. Exploratory drilling commenced immediately after the awarding of leases. All available drilling vessels and platforms are being utilized and activity has proceeded continuously.

Statistics covering exploration and development activity during the first year of channel operations under federal leases have been compiled.

End_of_Article - Last_Page 460------------