NEWS BULLETIN

October 28, 2009 --- Vol. 15, No. 84October 2009

Armstrong aces sale: Bidding as 70 & 148 LLC, lays out $7.8 million for 68 tracts

What could have been a quiet, fill-in-around-the-edges lease sale turned into a barnburner with 93 bids for 80 tracts and $8,536,518.40 in apparent high bids in the state’s 2009 areawide North Slope oil and gas lease sale in Anchorage this morning.

The $8.5 million in apparent high bids topped last year’s $6.5 million North Slope sale with Armstrong Oil & Gas Inc. of Denver, bidding under the name of affiliate 70 & 148 LLC, taking substantial acreage on the west side of the North Slope, extending acreage the company picked up last year to the west and south of the Kuparuk River unit. The company had apparent high bids of $7,791,654.40, adding 68 tracts to the 68 the company acquired in last year’s Beaufort Sea and North Slope areawide sales.

AVCG LLC took five leases for $411,840, going after tracts on the west side near Nuiqsut where the company has a considerable acreage position.

Savant Alaska LLC took three tracts on the east side for $170,028.80.

D.K. Donkel, 25 percent, and S.H. Cade, 75 percent, took two leases for $76,800; James A. White took one lease for $60,595.20; and Daniel K. Donkel, Donkel Oil and Gas, took one lease for $25,600.

There was a single bid in the North Slope Foothills lease sale, with Harold Green bidding $5.22 per acre, a total of $30,067.20, for a single tract near the trans-Alaska oil pipeline right of way.

See story in Nov. 1 issue, available online at noon, Friday Oct. 30, at www.PetroleumNews.com


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