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NEWS BULLETIN

August 15, 2011 --- Vol. 17, No. 71August 2011

State reaches resolution in principle on Point Thomson

Alaska Department of Natural Resources Commissioner Dan Sullivan told the Senate Resources committee this afternoon that the state has reached resolution in principle on terms of a settlement of the Point Thomson dispute.

The state terminated the unit in a dispute with leaseholders over lack of development during the Murkowski administration; the leaseholders sued; the issue is now before the Alaska Supreme Court.

Sullivan said ExxonMobil is now discussing provisions of the settlement with its Point Thomson partners.

The terms are still confidential, Sullivan said, although he said he would provide legislators with a confidential briefing if there was interest ó which there appeared to be.

Sullivan said the emphasis was on development of Point Thomson.

He said there was no timeline on a settlement, but said the stateís interest would be in having that happen soon.

But, Sullivan said, the state isnít driving that anymore.

See full story in the Aug. 21 edition of Petroleum News, which will be available online to paid subscribers at 11 a.m. Friday, Aug. 19, at www.petroleumnews.com.

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