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NEWS BULLETIN

July 27, 2006 --- Vol. 12, No. 42July 2006

Menge signs conditional gas spur line right-of-way lease

The Alaska Department of Natural Resources announced today that Commissioner Michael Menge has signed the conditional right-of-way lease for the Alaska Natural Gas Development Authority’s proposed gas spur line between Glennallen and Palmer.

“This lease lays the foundation for a pipeline.html'>gas pipeline that, when constructed, will bring the benefits of reliable, affordable natural gas and propane to businesses and residents in Southcentral Alaska, the Kenai Peninsula, and rural and coastal communities throughout the state,” Menge said.

Menge presented the conditional lease to ANGDA CEO Harold Heinze at a brief ceremony in the ANGDA Anchorage offices.

Our July 19 news bulletin incorrectly stated that both Menge and Heinze signed the conditional lease on July 18. Heinze signed the lease on July 18. Menge had signed the commissioner’s decision to grant the lease on July 13.

True North announces substantial Cook Inlet oil resource potential

True North Energy Corp. has announced that its Harriet Point prospect on the west side of the Cook Inlet may hold 180 million to 700 million barrels of recoverable oil. The estimate comes from a geologic and geophysical assessment conducted by a team of geoscientists, led by Jerry Hodgden of Hodgden and Associates. The assessment used some new seismic data licensed by True North, as well as earlier geologic work by Hodgden, the company said.

The Harriet Point prospect is in a group of leases in onshore and offshore areas along the coastline of Trading Bay. True North recently purchased the leases from several private Cook Inlet leaseholders.

NOTE: See stories in July 31 issue of Petroleum News.

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