NEWS BULLETIN

April 14, 2011 --- Vol. 17, No. 31April 2011

Anadarko drops foothills acreage, FEX done with State of Alaska

Anadarko relinquished 30 state leases in the foothills of the Brooks Range in March, according to Alaska Department of Natural Resources lease records.

The Texas independent also relinquished six state leases covering nearly 28,500 acres in the Beaufort Sea, just offshore from the U.S. Geologic Survey Drew Point No. 1 well.

After drilling the first exploration wells in northern Alaska to specifically target natural gas instead of oil, Anadarko didnít drill any exploration wells in 2010 or this year. In July 2010, Anadarko dropped 61 leases in the foothills, north of the Gates of the Arctic National Park, and several months later dropped four more leases farther southeast.

Another pioneering independent also dropped noteworthy northern acreage in March.

FEX relinquished 25 Beaufort Sea leases in the Smith Bay area. The block of acreage was the last state acreage held by the subsidiary of Calgary-based Talisman Energy.

The move is the latest in a slow march away from Alaska for FEX.

In early 2010, the company put its federal acreage in the National Petroleum Reserve-Alaska and the foothills of the Brooks Range mountains up for sale, but recently announced plans to let the acreage expire, presumably unable to find a buyer.

The company dropped the last of its onshore state acreage in the second half of 2010.


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