NEWS BULLETIN

June 25, 2003 --- Vol. 9, No. 64June 2003

ConocoPhillips to spud Winstar Petroleum’s first North Slope well tonight

Winstar Petroleum LLC’s owners have said from the start that they expect their company to be the first Alaska-owned independent producer on Alaska’s North Slope. After three years in negotiations the Anchorage independent will take the next critical step in that direction tonight.

Some time in the “wee hours of the morning” ConocoPhillips Alaska will spud Winstar’s first well, the Oliktok Point State No. 1, Winstar President Jim Weeks told Petroleum News this evening.

The well will be drilled from onshore drill site 3-R on the northern edge of the Kuparuk River unit to an offshore target that is part of Winstar’s 1,280-acre lease. The lease was recently included in the ConocoPhillips operated unit.

Weeks said the target, Kuparuk-A sands, is at 7,000 vertical true depth; actual depth is 11,200 feet.

“We should penetrate the target within 10 days,” he said.

Seventy-two percent of Winstar is owned by Alaskans, including Weeks and his wife Marty Weeks, Dale and Carol Lindsey, and John and Bert Winther.

The company’s deal with ConocoPhillips includes not only the use of infrastructure, equipment and services, but also processing facilities.

“If we find something we know the terms and conditions under which it is going to get processed through the Kuparuk facilities,” Weeks said. The deal Winstar struck with ConocoPhillips was “reasonable,” he said.

Editor’s note: See full story in the June 29 edition of Petroleum News


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