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NEWS BULLETIN

February 15, 2002 --- Vol. 8, No. 20February 2002

Mental Health Land Office receives four bids on two tracts

Aurora Gas LLC and Forest Oil Corp. were the apparent high bidders on two tracts offered at an Alaska Mental Health Trust Land Office oil and gas lease sale. The Trust Land Office received four bids on two tracts of five offered in the Tyonek-area offering.

Mike Franger, The Trust Land Office's senior resource manager, said at the opening this morning that the tracts offered were previously leased but the leases had recently expired.

Aurora Gas bid $11.04 an acre on tract 38, west-northwest of Tyonek.

Tract 42, north of Tyonek, received three bids: $6.21 an acre from Aurora Gas; $6.80 an acre from Pelican Hill Oil and Gas; and an apparent high bid from Forest Oil Corp. of $22.50 an acre. Pelican Hill has Mental Health Trust Land oil and gas leases adjacent to tract 42; Forest Oil has a state oil and gas lease north of tract 42.

Final sale results will be available Feb. 21.

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