The objective of this technical report is to analyze the potential for induced seismicity due to a proposed small-scale CO2 injection project in the Montezuma Hills. We reviewed currently available public information, including 32 years of recorded seismic events, locations of mapped faults, and estimates of the stress state of the region. We also reviewed proprietary geological information acquired by Shell, including seismic reflection imaging in the area, and found that the data and interpretations used by Shell are appropriate and satisfactory for the purpose of this report.