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NEWS BULLETIN

August 09, 2010 --- Vol. 16, No. 74-2August 2010

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Suncor keeping foothills acreage for now

Suncor Energy is not yet putting its Alaska natural gas play up for sale.

The Canadian company recently wrote down “certain land leases in the Natural Gas operating segment. These assets are in areas of Western Canada and Alaska that the company does not plan to pursue given its strategic business alignment.”

Suncor told Petroleum News that the strategic decision meant its Alaska asset “is off strategy and it is for sale.” The company later clarified that this decision referred only to an oil prospect the company holds in the National Petroleum Reserve-Alaska.

Talisman Energy, through its subsidiary, FEX, is the operator of those leases. Talisman previously announced its intentions to put much of its Alaska acreage up for sale.

Suncor is still evaluating what to do with its natural gas prone acreage in the foothills of the Brooks Range, according to spokeswoman Sneh Seetal. “We’re still considering options and haven’t come to a final decision on that property,” she said.

Anadarko Petroleum is the operator of those leases. BG is also a partner at the prospect.

Suncor picked up almost 300,000 acres in the Brooks Range foothills and the National Petroleum Reserve-Alaska when it acquired the assets of the Petro-Canada.

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