On November 12, Santa Maria Energy won approval from the Board of Supervisors to extract oil from 136 wells in the Orcutt Hills. Yet, from their and others’ reactions, you’d think the project had been denied.
The oil company got its project. The number of oil wells was not reduced. The amount of oil they could extract was not changed. They weren’t even required to do no harm. They were, however, required to reduce their greenhouse gas emissions further than they had wanted, which meant they would make less profit. They still stand to make many millions of dollars mining a nonrenewable local natural resource.
Apparently, the project approval made the company an attractive investment. According to a December 4 news release, Hyde Park Acquisition Corp. II announced that it plans to merge all assets with Santa Maria Energy Holdings LLC, the resultant parent company: “The board believes the oil resources owned by SME together with its track record as an operator engaged in the development and production of oil and natural gas in Northern Santa Barbara County provide Hyde Park shareholders with an investment opportunity with considerable upside potential.”