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NEWS BULLETIN

May 08, 2014 --- Vol. 20, No. 29May 2014

$5.2M Cook Inlet sale; 3 tracts bid in Alaska Peninsula sale

The Alaska Division of Oil and Gas took in more than $5.25 million yesterday at two areawide oil and gas lease sales, Cook Inlet and Alaska Peninsula, based on preliminary results from bids as read at the opening.

The majority, more than $5.2 million, came from 35 tracts at the Cook Inlet areawide sale, some 108,000 acres which brought in an average of almost $48 an acre.

The three bids in the Alaska Peninsula sale were the first bids the state has received for that area since 2007.

Major bidders in the Cook Inlet sale were Apache Alaska, Hilcorp Alaska, Cook Inlet Energy and Nordaq Energy, with Apache the top bidder in the sale with apparent high bids totaling almost $2 million, taking 30,103 acres.

Hilcorp Alaska, took 13 tracts for $1.2 million, an average of $34.95 per acre.

Cook Inlet Energy LLC took four tracts for $763,315.20, bidding an average of $33.13 an acre.

Nordaq Energy took four tracts offshore East Foreland, paying $314,470 for 10,240 acres, an average of $30.71 per acre.

—Kristen Nelson

See story in May 11 issue, available online at 11 a.m., Friday, May 9

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