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NEWS BULLETIN

May 18, 2005 --- Vol. 11, No. 46May 2005

State pulls in $1.9 million at two oil and gas lease sales

The state of Alaska opened bids for two areawide lease sales in Anchorage today, garnering almost $404,000 for 12 Foothills area leases, 11 of them bids from Anadarko Petroleum, and $1.5 million for 55 tracts in Cook Inlet, with Rutter & Wilbanks the largest bidder there at more than $314,000.

Alaska Division of Oil and Gas Director Mark Myers said the state received bids on 68,480 acres in the Foothills sale and on 245,120 acres in the Cook Inlet sale.

Anadarko was the largest bidder in the two sales; the only other bidder in the Foothills sale was Arctic Falcon, for a tract near Umiat.

In the Cook Inlet sale, a bidding group of Allen, Kay and Donkel bid almost $305,000; the Alaska Energy Alliance bid almost $230,000; Stormcat Energy some $283,500; a bidding group of Kay and Donkel more than $225,000. Other bidders picked up one or two tracts in the Cook Inlet sale, including Cook Inlet producers Aurora Gas and Forest Oil and Escopeta Oil.

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