Renaissance Alaska LLC has obtained initial funding from ARC Energy Fund 5, a private equity fund managed by Canadian company ARC Financial Corp., for oil and gas exploration and development in Alaska. Renaissance has acquired from Rutter and Wilbanks and others oil and gas leases on more than 90,000 net acres onshore on the Kenai Peninsula, offshore in the Cook Inlet and in the Umiat oil field at the eastern edge of the National Petroleum Reserve-Alaska.
The Cook Inlet leases include the offshore Northern Lights prospect that has in the past been estimated to contain 111 million to 358 barrels of oil equivalent.
The company hopes to start drilling operations in the Cook Inlet basin in 2008 and meantime is in the process of establishing an Anchorage office. Initial drilling will likely be onshore. Offshore drilling will require a jack-up rig.
“We’re setting up an office in Anchorage right now,” Mark Landt, one of the founders of Renaissance, told Petroleum News Dec. 6. “… We’re prepared to bring up our own jack-up but we’d like to work with Escopeta and possibly other partners and put together a rig consortium.”
ARC Financial Corp. is a private investment management firm located in Calgary, Alberta, that specializes in the energy sector. ARC has actively invested in early stage energy companies since 1990, Renaissance said.
Note: See full story in the Dec. 10 issue of Petroleum News which will be released online (www.PetroleumNews.com) this coming Friday.