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NEWS BULLETIN

July 19, 2006 --- Vol. 12, No. 41July 2006

AVCG/Brooks Range form JV with Ramshorn Exploration

Alaska Venture Capital Group and its operating company Brooks Range Petroleum have formed a joint venture with Ramshorn Exploration, a Houston-based private equity company associated with drilling contractor Nabors Industries Inc.

“Ramshorn Exploration has acquired a 25 percent working interest in all of AVCG’s North Slope acreage and exploration prospects,” Ken Thompson, managing director of AVCG, told Petroleum News on July 19. “They’ll also own that 25 percent in all future prospects.”

The Ramshorn Exploration deal comes hard of the heels of a similar joint venture agreement signed in May with TG World Energy Corp. TG World will also earn 25 percent interest of the AVCG acreage. Thompson said that AVCG is in discussion with “two more quality companies” about farming out of some of AVCG’s remaining 50 percent interest in its acreage — the objective is to spread the exploration risk across several companies.

Brooks Range Petroleum will remain operator in all of the acreage.

Thompson also said that Brooks Range Petroleum has identified a second prospect in AVCG’s Gwydyr Bay acreage on the North Slope and that the company may drill both Gwydyr prospects in the coming winter.

ANGDA and the state sign conditional spur line right of way

The Joint Pipeline Office announced today that on July 18 Michael Menge, commissioner of the Alaska Department of Natural Resource, and Harold Heinze, chief executive officer of the Alaska Natural Gas Development Authority, signed a conditional right-of-way lease for a gas spur line between Glennallen and Palmer.

On July 13 Menge signed the decision to issue the conditional lease and on July 17 the ANGDA board approved that ANGDA should sign the lease.

Note: See full stories in the July 23 issue of Petroleum News

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