Ojai Oil Company Announces Reorganization and OTC Share Repurchase

Ojai Oil Company was incorporated in California in 1900. The Company’s original focus was oil production. For the first 50 years, the Company was involved in oilfield investments with well and royalty interest, primarily in California, but also in Montana, Texas, Wyoming and Canada. The decrease in oil prices in the mid-1960s motivated the Board of Directors to pursue other ventures. Since then, the Company has expanded from oil production to investments in land, office buildings, commercial buildings, communication towers and self-storage facilities. Today, the Company is principally involved in the ownership and management of self-storage facilities.

The ownership of the Company is held principally by the Off and Edward families. A small percentage of the Company is also thinly traded on the OTC market.

This notice is being published to advise of two developments in the Company which affect all shareholders.

1. The Off and Edward families have decided to pursue a tax free split off reorganization. The specifics of the split off reorganization are ongoing as well as tax work to ensure a tax free reorganization, including a private letter ruling application.

2. In conjunction with that decision to pursue a split off reorganization, the Company has determined that it will no longer support the trading of its shares in the Over the Counter market. To that end, the Company has formulated an offer to the CEDE shareholders which currently trade on the OTC market. The intent is to voluntarily purchase the shares of such holders at a price based on a third party appraisal valuation of the Company’s shares. The repurchase offer is presently expected to launch early to mid-August, 2024, and be completed by early to mid-October, 2024, subject to the Company’s option to extend the offer period. Depending on the success of the Company’s repurchase of the shares held by CEDE shareholders, the Company may be required to undertake additional steps to go private. In any event, the Company will take steps to cease trading in the OTC and any other additional steps required to go private.