NEWS BULLETIN

August 23, 2016 --- Vol. 22, No. 30August 2016

Great Bear agrees to purchase Badami interest

Great Bear Petroleum has agreed to purchase a small working interest in the Badami unit from Arctic Slope Regional Corp., Patrick Galvin, Great Bear chief commercial officer and general counsel, confirmed to Petroleum News today. Information about the details of the purchase is not available, pending approval by the Alaska Department Natural Resources of the new lease assignments. However, Galvin commented that the purchase does not include any portion of the Badami oil sales pipeline.

Currently ASRC Exploration has a 32.5 percent interest in the unit, with Savant Alaska, the Badami field operator, owning 67.5 percent. Savant is a subsidiary of Glacier Oil & Gas Corp., the company which also owns Cook Inlet Energy, the Cook Inlet oil and gas producer.

The Badami unit includes the Badami oil field and some additional oil prospects.

The purchase of interests in an operating oil field appears something of a change of tactic for Great Bear - hitherto the company has only been involved the exploration and appraisal of conventional and unconventional oil prospects in the company's state leases to the south of the Prudhoe Bay area.

- ALAN BAILEY


Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.PetroleumNews.com
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