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Lawsuit Seeks to Block Elk Hills Sale to Oxy

January 30, 1998|Reuters

A coalition of American Indian and environmental groups sued in federal court to stop the $3.65-billion sale of the Elk Hills Naval Petroleum Reserve near Bakersfield, saying the government had failed to determine the impact on endangered species and sacred Native American sites. The coalition sought a temporary restraining order in U.S. District Court in Fresno against the government's proposed sale to Los Angeles-based Occidental Petroleum Corp. The sale of Elk Hills Naval Petroleum Reserve, one of the 11 largest U.S. oil and gas fields outside Alaska, would be the biggest federal privatization in U.S. history. The parties suing are the Sierra Club, the Arizona-based Southwest Center for Biological Diversity and the governing council of the Kitanemuk and Yowlumne Tejon Indians. Shares of Occidental gained $2.20 to $42.20 in NYSE trading Thursday.

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