NEWS BULLETIN

June 03, 2011 --- Vol. 17, No. 49June 2011

Escopeta buys Cook Inlet Hanna prospect from Craig

Escopeta Oil & Gas Corp. has acquired the Cook Inlet basin Hanna prospect from Paul L. Craig, Escopeta President Danny Davis told Petroleum News this morning.

The Houston-based independent, which is 100 percent owned by Davis and is operator of Escopeta Oil LLC’s offshore Kitchen Lights unit, hopes to drill a natural gas well at Hanna this winter.

“If we can get our permits, we’ll be drilling,” Davis said.

The 7,000-acre onshore prospect is on the west side of the body of water known as Cook Inlet, northeast of Beluga and adjacent to Enstar’s gas distribution pipeline.

Escopeta plans to “drill to the 5,500-foot level initially,” Steve Sutherlin told Petroleum News.

Sutherlin, strategic officer for Escopeta in Alaska, said there was also a possibility of “deep oil in the Tyonek … but the gas is the low hanging fruit. We’ll drill that first.”

Escopeta estimates there is 50-100 billion cubic feet in the Beluga and Sterling formations, he said.

The company will take a look at the oil possibilities this winter, “and decide the best way to approach it,” Sutherlin said.

In a 2003 interview with Petroleum News, Craig said seismic shot over the area suggests good structure, possibly an extension of the Petty Creek and Lewis river formations.

In the 1990s Unocal, the previous owner, said Hanna was a 50 million to 100 million barrel oil prospect.

Vladimir Katic, projects manager for Escopeta in Alaska, first became intrigued with the project after talking to Craig, and brought the deal to Davis.

See full story in June 12 issue, available online at 11 a.m., Friday, June 11 at www.PetroleumNews.com


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