NEWS BULLETIN

July 21, 2010 --- Vol. 16, No. 62July 2010

Apache acquiring Cook Inlet oil and gas leases

Apache Corp. has been rumored to have an interest in acquiring Alaska acreage, and while the company did not acquire a part of BPs interest in Prudhoe Bay in acquisitions announced yesterday, it is acquiring interests in Cook Inlet.

Apache is in the process of acquiring 196,524 acres of Cook Inlet oil and gas leases currently owned by Samuel H. Cade, Daniel J. Donkel and Monte J. Allen.

The State of Alaska is processing applications for assignments of 60 leases, 59 from the Alaska Division of Oil and Gas leases and one Alaska Mental Health Trust lease.

Asked about the acquisition by Apache of Cook Inlet leases earlier today, Division of Oil and Gas Director Kevin Banks said the applications for assignments were received last week.

Petroleum News reported in June that Apache, a Houston-based independent, had made an offer for some of Escopeta Oil Co.s Cook Inlet leases. Escopeta President Danny Davis said at that time that the offer was too low; he also said Escopeta had received another offer for some Escopeta leases.

A Petroleum News source said in June that Apache had made other offers to buy Cook Inlet basin leases.

Apache has been seeking new acquisitions and is known to have been investigating Cook Inlet prospects.

See story in July 25 issue, available to subscribers online at noon, Friday, July 23, at www.PetroleumNews.com


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