NEWS BULLETIN

June 19, 2002 --- Vol. 8, No. 65June 2002

Trading Bay Energy to sell Cook Inlet holdings

Trading Bay Energy Corp. has entered into an agreement to sell two prospects — all of its Cook Inlet working interest holdings — to U.S. Petroleum Corp. of Vancouver, British Columbia, said Paul Craig, 100 percent owner of Trading Bay.

“U.S. Petroleum has entered into this agreement with intent of doing the proper permitting and drilling of wells,” Craig told PNA, adding that the agreement stipulates that drilling be done.

The 1,156-acre Marie Prospect is on the northwest boundary of the Beluga River gas field on the west side of Cook Inlet, Craig said. The 7040-acre Hanna Prospect is adjacent to the Pretty Creek unit to the south, Lewis River unit to the north and Ivan River unit to the east.

The agreement to sell is predicated on issuance of leases still under adjudication at the state Division of Oil and Gas and it will close once the leases are issued, Craig said. The transaction involves only Cook Inlet leases.

A lease upon which Craig was apparent high bidder in this year’s National Petroleum Reserve-Alaska sale is not included.

“U.S. Petroleum has looked at Cook Inlet for a long time,” said Steve Summar, an independent Tulsa-based oil and gas producer/operator acting as a broker in the transaction.

Summar told PNA U.S. Petroleum is a participant but not an operator in Oklahoma and Texas region drilling ventures.

Summar’s brother Keith is vice president of exploration for North Star Energy Group Inc. of Tulsa, Okla., which purchased Alaska-based Gas-Pro in 2000. U.S. Petroleum is not affiliated with North Star.


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