NEWS BULLETIN

June 10, 2010 --- Vol. 16, No. 52June 2010

Apache makes offer for Cook Inlet leases

Danny Davis, president of Escopeta Oil Co., has confirmed rumors that Houston-based Apache Corp. has made an offer for some of Escopeta’s Cook Inlet oil and gas leases. Escopeta is operator of the Kitchen Lights unit, a unit formed in 2009 to consolidate several oil and gas prospects along a major offshore geologic trend in the inlet.

“The offer was way low but I think we can work something out,” Davis told Petroleum News today. Davis said that another company had also made an offer for some Escopeta leases.

Escopeta has asked Alaska’s Division of Oil and Gas for a 180-day deferral of a commitment to secure a jack-up rig for drilling in Kitchen Lights — the current approved work plan for the unit requires Escopeta to have a jack-up on its way to Alaska by June 30 but the company has not yet contracted a rig. The Apache offer is contingent on the division granting the time extension.

The division expects to make a decision on the extension request by end June.

A Petroleum News source has said that Apache has also made other offers to buy leases in the Cook Inlet basin. The company has international offshore operations, has been seeking new acquisitions and is known to have been investigating Cook Inlet prospects.


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