NEWS BULLETIN

May 23, 2007 --- Vol. 13, No. 48May 2007

Cook Inlet oil and gas lease sale brings in $3.3 million

The state’s Cook Inlet areawide oil and gas lease sale brought in $3.3 million making it the biggest Cook Inlet sale since two same-day sales in 1993 brought in more than $67.7 million.

Numbers below are preliminary — they come from the bid reading in Anchorage this morning.

The sale was dominated by investor Samuel H. Cade who accounted for $1.34 million — 41.2 percent — of the $3.3 million in apparent high bids at the sale.

Cade bid as a 75 percent partner with Daniel Donkel, taking 17 tracts, with $889,843.20 in apparent high bids, 27.33 percent of the sale total, and bidding by himself had an additional $674,047.60 in apparent high bids, 20.7 percent of the total, on 10 tracts.

Cade has bid in Alaska sales in the past and state records show him as the holder of almost 80,000 acres of state oil and gas leases.

Marathon Oil Co., a major natural gas producer in Cook Inlet, at $782,787, had 24 percent of apparent high bids, taking nine tracts.

Nordik Energy Partners, a new entrant, had $584,640 in apparent high bids on four tracts, 18 percent of the total.

Renaissance Alaska LLC, a current leaseholder with Cook Inlet prospects, was apparent high bidder on two tracts at $176,690.20, 5.4 percent of the sale total. Aurora Gas LLC, a Cook Inlet natural gas producer, was apparent high bidder on three tracts for $147,840, 4.5 percent of the sale total.

Note: See full story in the May 27 issue of Petroleum News.


Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.PetroleumNews.com
S U B S C R I B E

CLICK BELOW FOR A MESSAGE FROM OUR ADVERTISERS.