NEWS BULLETIN

February 24, 2010 --- Vol. 16, No. 15February 2010

State takes in $807,891 at Beaufort sale

The State of Alaska took in $807,891.20 in bids on 18 tracts in a Beaufort Sea areawide oil and gas lease sale held this morning in Anchorage.

The sale attracted three bidders or bidding groups and total acreage for the 18 tracts, each of which received one bid, was 48,000.

Denver-based GMT Exploration Co. is a newcomer to Alaska lease sales. It took 10 tracts at the sale, with bids totaling $540,806.40, 66.9 percent of the total for the lease sale.

GMT also had the highest per-acre bid in the sale, $81.59 for tract 411, which lies adjacent to Oooguruk on the west. The tract became available when an Anadarko Petroleum Corp. lease expired in August.

GMTís second-highest bid was for tract 407, on the northern edge of Oooguruk. The company bid $43.07 an acre, a total of $82,694.40, for the tract formerly held by Oooguruk operator Pioneer Natural Resources Alaska; that lease expired at the end of July.

GMT paid $12.17 an acre for a block of eight tracts north of the National Petroleum Reserve-Alaska

A bidding group of Daniel Donkel (25 percent) and Samuel Cade (75 percent) bid $12.34 per acre for seven tracts, for a total of $205,337.60, 25.4 percent of the total bid at the sale.

This block of tracts, formerly held by ConocoPhillips Alaska, are at and north of Cross Island off of the Duck Island unit (Endicott).

A bidding group of Sun-West Oil & Gas (75 percent) and Michael Shearn (25 percent) bid $12.06 an acre, a total of $61,747.20, for a tract offshore the Arctic National Wildlife Refuge on the eastern side of the sale.

Editorís note: See full story in the Feb. 28 issue of Petroleum News, which will be available online at noon on Feb. 26 to subscribers at www.petroleumnews.com.


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