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NEWS BULLETIN

May 20, 2009 --- Vol. 15, No. 47May 2009

Only 4 tracts receive bids at Cook Inlet sale

The Alaska Division of Oil and Gas had no bidders for its Alaska Peninsula areawide oil and gas lease sale, held this morning in Anchorage.

It did receive five bids on four tracts in the Cook Inlet areawide sale, with a total of $110,009.65 in apparent high bids.

Alaskan New Energy LLC took two tracts, bidding $15.33 an acre for tract 244 and $13.33 an acre for tract 251, adjacent tracts off West Forelands in waters south of the Trading Bay unit.

Alaskan New Energy has no current acreage position.

A bidding partnership of 50 percent Nick Stepovich, 25 percent Dan Gilbertson and 25 percent Alaska LLC, took tract 349, bidding $11.33 an acre for the acreage south of the Kitchen Lights unit in mid-Cook Inlet.

The three were part of a bidding group that successfully bid on a tract onshore northwest of West Forelands in the state’s 2006 Cook Inlet areawide lease sale.

W.C. Kilpatrick had the highest-per acre bid in the sale, $1,527.05 an acre, for five-acre tract 597, in the Ivan River unit.

Minimum bids in the sale were $10 an acre except for tract 597, a five-acre parcel with a minimum bid of $1,000 an acre.

Jonne Slemons, division section chief for oil and gas leasing, said in reading the bids that Ivan River unit operator Chevron has filed an application to exclude tract 597 from Ivan River, but the application is not yet complete.

See story in May 24 issue, available online at noon, Friday, May 22, at www.PetroleumNews.com

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