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NEWS BULLETIN

August 06, 2014 --- Vol. 20, No. 41August 2014

Cook Inlet Energy takes exploration license

When the Alaska Division of Oil and Gas held a sealed bid opening for a southwest Cook Inlet exploration license this morning, the only bidder was Cook Inlet Energy, which made a work commitment of $1,501,000 for a four-year license on 168,581 acres.

Division Director Bill Barron said this was "the first ever sealed bid opening for competitive exploration licenses."

The state received an application for an exploration license in the area of Chinitna Bay and Iniskin Bay in April 2013. The division accepts applications for exploration licenses every April.

When the division went out for comments and competing proposals, it received a competing proposal, so when it issued a finding that the license would be in the state's best interest, it set a minimum work commitment of $1 million and gave the two companies 20 days to submit bids.

As it turned out, only Cook Inlet Energy submitted a bid.

The division did not release the name of the original applicant and is not releasing the name of the other company which was interested in a license in the area.

- KRISTEN NELSON

See story in Aug. 10 issue, available online Friday, Aug. 8, at www.PetroleumNews.com.

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