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NEWS BULLETIN

September 24, 2008 --- Vol. 14, No. 92September 2008

NPR-A lease sale attracts more than $30 million in high bids

Today’s National Petroleum Reserve-Alaska lease sale, held by the U.S. Bureau of Land Management, attracted $30.9 million in high bids on 150 tracts in northwest and northeast NPR-A.

Dallas-based Petro-Hunt LLC made the highest bid — $642, 926 for a tract on the Ikpikpuk River, in the center of the sale area, almost due south of Smith Bay. That tract forms part of a large fairway of tracts that Petro-Hunt bid on around and to the east of the Ikpikpuk. Petro-Hunt also bid on some smaller fairways in the eastern and southern part of the lease area.

Petro-Hunt is one of a group of companies associated with the Hunt family, which has a long history of involvement with Alaska.

Anadarko Petroleum and its foothills partner Petro-Canada picked up a swathe of leases that extends their existing lease position near Umiat and Gubik. ConocoPhillips Alaska bid on a series of tracts that extends its lease position near the Moose’s Tooth prospect on the eastern side of the sale area. FEX L.P. also extended its NPR-A position with a number of tracts in the central and southern part of north-east NPR-A.

See full story in Sept. 28 issue of Petroleum News, available to subscribers online at noon, Friday, Sept. 26, at www.PetroleumNews.com

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