Sentinel Peak Resources California LLC became the fourth-largest oil producer in California as it completed the acquisition of onshore California assets from the oil and gas subsidiary of Freeport-McMoRan Inc. (FCX) for $592 million in cash, according to a Dec. 30 press release.

Sentinel Peak Resources operates the properties, which currently produce about 28,000 barrels of oil equivalent per day.

Sentinel Peak Resources, based in Denver, has offices in California and is focused on oil development in the state.

According to the agreement, FCX can receive $50 million per year of additional proceeds in 2018, 2019 and 2020 if the price of Brent crude averages $70 per barrel or higher in those calendar years.

During 2016, Phoenix-based FCX completed $6.6 billion in asset sale transactions and retains a portfolio of copper assets.