California Resources Corp. (NYSE: CRC) is partnering with Benefit Street Partners LLC to accelerate the development of multiple producing oil fields in the Golden State.

The Los Angeles-based company said Feb. 16 it formed a joint venture (JV) with Benefit Street for the investment of up to $250 million for the development of opportunities in its conventional and unconventional assets.

Benefit Street will make an initial $50 million investment to be used for drilling activities across properties subject to the JV. The firm will make subsequent investments in tranches up to $50 million over two years at the discretion of the JV partners.

“This joint venture is an excellent opportunity for CRC to accelerate development of CRC’s vast underdeveloped resource base and advance our long-term deleveraging efforts," Todd Stevens, president and CEO of California Resources, said in a statement.

California Resources' portfolio includes 2.3 million net acres with 30,900 identified gross locations, according to the company's fourth-quarter presentation. The assets consist of acreage in California's San Joaquin, Los Angeles, Ventura and Sacramento basins.

The JV's initial investment is expected in the next two weeks, subject to customary conditions, the company said.