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NEWS BULLETIN

May 22, 2008 --- Vol. 14, No. 56May 2008

Administration approves TransCanada AGIA application

Alaska Gov. Sarah Palin said today that she, along with the commissioners of Natural Resources and Revenue, are recommending TransCanada for an Alaska Gasline Inducement Act license.

The license will be forwarded to the Legislature, which must approve the license for it to become effective

The governor said the TransCanada proposal “puts Alaskans first. Everything we asked for in AGIA to protect Alaska’s interests is in the TC Alaska project.”

Details of the analysis of the TransCanada project will be placed online; a three-day presentation scheduled for Anchorage next week will provide details of the analysis.

While liquefied natural gas has been a dream of many in Alaska for decades, and may be enhanced by the TransCanada project, LNG by itself does not maximize benefits to Alaskans, the governor said.

NOTE: See story in May 25 issue of Petroleum News, available to subscribers online at noon, Friday May 23 at www.PetroleumNews.com

DNR to reconsider Point Thomson decision

Commissioner of Natural Resources Tom Irwin told the Point Thomson working interest owners today in a letter that he is partially granting their request for reconsideration.

Irwin said he was denying a request for special procedures — appointment of an independent hearing officer and provision of a “clear and concrete statement” of what would cause DNR to approve the proposed 23rd plan of operations — but is granting reconsideration of the April 22 decision terminating the unit.

The commissioner said a written decision would follow.

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