NEWS BULLETIN

May 07, 2003 --- Vol. 9, No. 48May 2003

$887,042 bid in Cook Inlet sale

The state of Alaska drew $887,042.60 in high bids at its 2003 Cook Inlet areawide oil and gas lease sale in Anchorage today as bidders picked up bits and pieces of acreage in the heavily leased basin.

Cook Inlet bids covered 103,680 acres; a single North Slope Foothills bid was for a 5,760-acre tract.

There were 28 bids on 27 Cook Inlet tracts, along with the single bid in the North Slope Foothills areawide sale, $6.35 an acre from EnCana Oil & Gas USA, for $36,576, a total of $923,618.60 for both sales.

Prodigy Alaska took seven tracts in Cook Inlet for $415,369, including $21.75 an acre for tract 352, $30.75 an acre for tract 345 and $33.28 an acre for tract 420, the highest per-acre bids in the sale. The leases are on both flanks of existing acreage positions running south-southwest down the middle of Cook Inlet starting at the North Cook Inlet unit.

Also taking seven leases, for a total of $134,400, was a bidding group of Douglas Barr, Dan Donkel, George Casper and Robert Bolt (25 percent each). All bids by this group were $5 an acre for mostly single tracts on both sides of Cook Inlet.

Pelican Hill took three tracts for $65,740.80, all at $8.56 an acre, on the west side adjacent to acreage the company already holds near the Beluga River gas field and unit.

Unocal took two tracts for $60,652.80, paying $5.21 and $5.32 an acre, on the southern Kenai Peninsula.

A 50-50 partnership of Dan Donkel and Kenneth Mehaffey took two Kenai Peninsula tracts for $57,600, paying $5 an acre.

Forest Oil took three tracts for $56,396.80, paying $7.01 an acre for two tracts and $8.01 an acre for the third, one at West Foreland, the other two near the South Granite Point and North Middle Ground Shoal fields.

Marathon Oil took one tract for $6.03 an acre, a total of $34,732.80. This acreage is west of the Marathon-operated Ninilchik unit on the Kenai Peninsula.

A bidding partnership of Monte Allen (62.5 percent), Laurel Bassett (26 percent) and Mary Goldstein (12.5 percent) took one tract on the southern west side for $5.52 an acre for a total of $31,795.20.

Monte Allen took a tract south of Kalgin Island for $5.27 an acre, a total of $30,355.20.


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