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NEWS BULLETIN

May 24, 2006 --- Vol. 12, No. 31May 2006

Two state sales bring in $6.7 million

The state pulled in almost $6.7 million at two lease sales in Anchorage this morning: $1.85 million at its sixth North Slope Foothills sale and $4.8 million in Cook Inlet.

Bill Van Dyke, Acting Director of the Alaska Division of Oil and Gas, said the state received 45 bids on 45 tracts in the Foothills sale, a total of 246,400 acres out of 7.6 million acres.

A partnership of Anadarko Petroleum 33.34 percent, Petro-Canada (Alaska) 33.33 percent and BG Alaska 33.33 percent took 43 of the Foothills tracts, bidding $1.7 million, 92.4 percent of the sale’s bids.

Two bidding partnerships, one Samuel Cade 75 percent, Dan Donkel 20 percent and Bruce Webb 5 percent, and the other Cade 75 percent and Donkel 25 percent, each took one tract.

In the Cook Inlet areawide sale the state received 93 bids on 72 tracts, Van Dyke said, a total of 366,720 acres of 4 million acres in the sale area.

Benchmark Oil and Gas Co., a Houston-based newcomer to the Alaska oil patch, was the apparent high bidder on 20 tracts, with $1.2 million for 25 percent of the sale total. A bidding group of Samuel Cade, 75 percent and Dan Donkel 25 percent had apparent high bids on 11 tracts, for a total of almost $850,000, 17.5 percent of the sale total.

Rutter and Wilbanks came in third, with apparent high bids on eight tracts for a total of more than $530,000, 11 percent of the high bid total.

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