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February 05, 2008 --- Vol. 14, No. 12February 2008

Corrected: Pacific Energy gets Corsair extension, operatorship approvals

Late yesterday, Pacific Energy Resources Ltd. announced that it received the State of Alaska’s approval to operate the McArthur, Corsair and Redoubt units in Cook Inlet basin — units the company purchased in its buyout of Forest Oil’s Alaska assets in 2007.

The company’s amended plan of exploration for the Corsair was also accepted, giving Pacific Energy until April 1 to “provide satisfactory evidence a rig commitment” that will allow the company to drill the offshore Corsair unit by June 30, 2009.

As part of the agreement with DNR, Pacific Energy said it has “submitted cash bonds and will establish an escrow account in the form of Treasury Notes or the other securities to secure any outstanding balances due to fully fund the abandonment obligations to the State.”

The company has also submitted Certificates of Financial Responsibility and certificates of insurance to the state.

Note: See full story in the Feb. 10 edition of Petroleum News, which will be available online to subscribers this coming Friday, Feb. 8, at www.PetroleumNews.com

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