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NEWS BULLETIN

February 06, 2008 --- Vol. 14, No. 13February 2008

Chukchi sale draws 667 bids, $51M top bid so far

Petroleum News staff attending the Chukchi Sea lease sale in Anchorage this morning say the U.S. Minerals Management Service has drawn 667 bids, a record number for Alaska's outer continental shelf. MMS officials estimate it will take four hours to read all of the bids.

So far Shell is the top bidder with a $51 million bid for a tract that appears to include the Popcorn and Crackerjack wells.

One hour into the sale, the only other two bidders so far were Repsol and ConocoPhillips.

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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