This from 9/10/19 CLNY press release whereby CLNY announced it was getting into the oil drilling business:
"Alpine’s first investment is the recently closed $500 million DrillCo financing with California Resources Corporation (NYSE: CRC), the largest oil & gas exploration and production company in California. Alpine has committed $320 million in the first tranche of this joint venture that will be used to develop approximately 275 wells at CRC’s flagship Elk Hills field."
This morning's print edition of the WSJ on page B2 has a piece which says California Resources failed to make a 30 million payment to lenders last month. And, according to "people familiar with the matter" (unnamed, of course) without another extension from lenders and other creditors, CRC will file for bankruptcy by this weekend.
Another great job by Barrack working hard every day to earn all those giveaway shares.