12:26 PM EST, 03/08/2024 (MT Newswires) -- California Resources ( CRC ) said in a Friday filing that it expects to continue executing its capital and drilling programs amid uncertainty over a oil & gas permit process that is being litigated between Kern County and environmentalist groups.

"As previously disclosed, if we are not able to obtain new well permits in 2024, we plan to run a one rig program with a $200 million to $240 million total capital program in 2024 and would expect a 5% to 7% entry to exit production decline rate," California Resources ( CRC ) said in the regulatory filing.

A California appellate court on Thursday delivered an opinion finding certain deficiencies in the Kern County Environmental Impact Report and enjoining reliance on the Kern County EIR in connection with the issuance of oil and natural gas permit approvals until such deficiencies are remedied, the firm said.

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