NEWS BULLETIN

January 12, 2010 --- Vol. 16, No. 3January 2010

Denali sets open season for April

Denali said today it will start its open season process in April.

“I am pleased to announce that Denali will file its open season plan in April,” Bud Fackrell, Denali president, said in a statement.

Denali has invested $130 million moving the project forward over the last 20 months, primarily in field work, engineering and stakeholder engagement, the company said.

“The results of the open season will provide an understanding of shipper requirements, which will be important as we consider our next steps,” Fackrell said.

However, he said, Denali is concerned that shippers may hesitate to make the necessary commitments because of issues outside the company’s control.

Fackrell listed increased gas supply in the Lower 48 market, the legal status of leases at Point Thomson “and the lack of a long term fiscal regime for North Slope gas production.”

He said potential shippers have publicly indicated these issues will be important in their decisions on the multibillion-dollar commitments that would be required.

Denali spokesman Dave MacDowell said the company is starting the open season process in April because the company’s “engineering and cost estimating work has progressed to the point we feel we’ll be ready to start our open season in April.”

See story in Jan. 17 issue, available online at noon, Friday, Jan. 15 at www.PetroleumNews.com.


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