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April 26, 2005 --- Vol. 11, No. 41April 2005

Petro-Canada moving ahead with Alaska plans

Petro-Canada expects to start spending money on its growing Alaska holdings in the next one to two years, Chief Executive Officer Ron Brenneman told a conference call this morning.

But he said a final decision hinges partly on trying to anticipate when an Alaska pipeline.html'>gas pipeline might proceed.

Brenneman said a partnership with Anadarko for the gas-prone Foothills region of the Brooks Range is now looking at laying out a joint seismic program.

He said the two companies have pooled 1.5 million acres to overcome what he described as a checker-board pattern of holdings.

In the oil-prone National Petroleum Reserve-Alaska he said Petro-Canada is examining other pooling arrangements with parties he did not identify.

Brenneman said the hope for the NPR-A is that discussions will “ultimately lead to a joint partnership” for exploration.

Editor’s note: See story in May 1 issue of Petroleum News

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