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NEWS BULLETIN

May 01, 2009 --- Vol. 15, No. 41May 2009

BRPC proposing Beechey Point unit north of Prudhoe

Brooks Range Petroleum Corp. is proposing to form a unit north of Prudhoe Bay.

The local affiliate of Kansas-based Alaska Venture Capital Group filed an application with the state on April 27 to form the Beechey Point unit from 25 leases in Gwydyr Bay.

The proposed 52,877-acre unit covers an area of state land and water where at least 15 previous wells have been drilled, from the Point Storkersen No. 1 well drilled in April 1969 by Hamilton Brothers to the North Shore No. 1 well drilled by BRPC in 2007 and 2008.

BRPC said the development program would “produce oil from several relatively small, isolated hydrocarbon accumulations in the Ivishak and Sag River formations.” None of these accumulations are economic on their own, but become economic when combined, the company said, citing estimates of 5 million to 10 million barrels of oil or more.

The company wants to divide the proposed Beechey Point unit into five separate exploration blocks and drill a well in each between July 2011 and July 2019.

BRPC anticipates first production as early as January 2013.

BRPC is permitting the North Shore No. 3 for the winter of 2010, and said, “If successful, the proposed North Shore Development Project can be sanctioned for development.”

BRPC is currently involved in legal proceedings with a partner that could delay drilling and development work. The company said, “If working interest owner approval is not obtained for the drilling said well in 2010, then the well will be drilled in 2011.”

See story in May 10 issue, available online at noon, May 8 at www.PetroleumNews.com

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