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NEWS BULLETIN

February 24, 2009 --- Vol. 15, No. 20February 2009

Escopeta asks to expand Kitchen unit

Escopeta Oil is asking the state to expand the boundaries of the Kitchen unit to include a neighboring unit and several un-unitized leases in the waters of the Upper Cook Inlet.

If the state accepts the proposal, Kitchen would grow to cover the existing Corsair unit, four leases around Corsair and the leases of the proposed Northern Lights unit. At 83,394 acres, the expanded unit, to be called Kitchen Lights, would be the largest in Cook Inlet.

Escopeta, a Houston-based independent, recently signed farm-in agreements with several other independents holding offshore acreage in the Upper Cook Inlet. Pacific Energy gave Escopeta 100 percent working interest in Corsair and its surrounding acreage, and Renaissance Alaska and its minority partner Rutter and Wilbanks gave Escopeta complete working interest in the leases at the proposed Northern Lights unit.

The expansion request follows up on a proposal the state made to those companies late last year, as each faced the prospect of seeing significant acreage expire. Escopeta and state Division of Oil and Gas officials plan to meet tomorrow to discuss the proposal.

See story in March 1 issue of Petroleum News, available online at noon, Friday, Feb. 27 at www.PetroleumNews.com

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