Looks like an aborted take-off, with an off runway excursion - very fortunate outcome consider the amount of fuel on board!!! Aircraft was said to have burned for 3 hours!!!!
This is apparently a 707 tanker and not a KC-135 which is somewhat different. I know that early in the T707 program a few tankers were built and then followed by the KC-135. I didn't know any of the T707s were in service. Anybody know any more detail?
Here is a good article on this plane. With the N-number more info can be found. The plane was built in 1977 (new for a 707) and converted to a tanker. http://australianaviation.com.au/2011/05/omega-tanker-crashes-at-point-mugu/
The article is incorrect - N707MQ is not the aircraft that crashed - the crashed aircraft was N707AR which has a far richer history and was built in 1969 - details on it can be found in the FlightAware Forums.