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NEWS BULLETIN

January 17, 2011 --- Vol. 17, No. 5January 2011

North Slope independents praise Parnell’s tax changes

Five independent oil and gas companies that hold 1.1 million acres of leases on Alaska’s North Slope have come out in favor of Gov. Sean Parnell’s new bill that amends the state’s oil and gas production tax.

The companies applauding the tax changes announced by the governor this morning are 70 & 148, a subsidiary of Armstrong Oil and Gas; Brooks Range Petroleum Corp., the operating arm of the Kansas-based AVCG; GMT Exploration Co.; Great Bear Petroleum; and Savant Alaska.

In a written statement to Petroleum News, the independents said the governor’s bill “addresses the fundamental concerns of all companies that would like to explore for and develop reserves on the North Slope.”

“As the North Slope represents over 85 percent of the state’s revenue, it is imperative that the state of Alaska recognize and address the fundamental issues that have created the continuing decline of the North Slope’s production,” the independents said.

The governor’s proposal, they said, “will assist all oil companies on the North Slope.”

More importantly, it will “guide companies to find and produce oil reserves that would not otherwise be developed.”

The governor’s proposed legislation, which is designed to increase Alaska’s competitiveness as a petroleum province, “demonstrates to the oil industry that Alaska is truly ready to usher in a new wave of exploration and development that will not only address the decline of the TAPS pipeline,” but create good jobs for Alaskans.

The five independents said they are looking forward to working with the Parnell administration to “pass this bill and put Alaskans to work.”

A copy of the bill is available at: http://gov.alaska.gov/parnell_media/resources_files/OilGasTaxBill.pdf

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