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NEWS BULLETIN

October 27, 2004 --- Vol. 10, No. 96October 2004

State sales bring in $14.8 million, $8.2 million from Armstrong

One observer called it “Independent’s Day,” and he was right on the mark: The state took in $14,818.675.10 in bonus bids at its North Slope and Beaufort Sea areawide oil and gas lease sales this morning. Only one major bid, and in partnership with an independent on two leases, with a presence of less than half a percent of the dollars spent.

The sales were dominated by Armstrong Alaska, subsidiary of Denver-based Armstrong Oil and Gas, which had $8,258,449.92 in apparent high bids, $509,777.92 in the Beaufort Sea sale and $7,748,672 in the North Slope sale. Partnership bidding, Kerr-McGee 70 percent, Armstrong 30 percent, accounted for $465,669.12 of Armstrong’s bids. Armstrong took one large block of leases astride the Kuparuk River south of the Kuparuk River and Prudhoe Bay units, small blocks and one single lease, in the area west of Kuparuk, one lease in the Beaufort on its own, and two Beaufort leases in partnership with Kerr-McGee.

Talisman subsidiary Fortuna Exploration was the next largest bidder, $3,453,312, all in the Beaufort Sea sale, taking a large block of acreage in Harrison Bay off the National Petroleum Reserve-Alaska.

Kerr-McGee, bidding in partnership with Armstrong, spent $1,086,561.28 for its 70 percent share of the two leases it bid on with Armstrong in the Beaufort Sea sale.

Anadarko Petroleum, bidding in the North Slope sale, was apparent high bidder on $746,361.60 in leases on the east side.

AVCG took a block of leases in the vicinity of Nuiqsut adjacent to NPR-A for $478,080.

Mark Anderson bid $256,000 for four onshore leases. Pioneer bid $185,196.80, including one lease adjacent to its existing acreage position south of Prudhoe Bay, and its 50-50 share with ConocoPhillips on two other leases in that general area.

Devon Energy Production took a Beaufort Sea block of leases west of Northstar for $182,400. Arctic Falcon took three leases on the southwestern edge of the sale adjacent to NPR-A for $89,996.70. UltraStar Exploration took a Beaufort Sea lease for $48,332.80 in the vicinity of Gwydyr Bay, and ConocoPhillips’ share of its partnership bid with Pioneer was $33,984.

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