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NEWS BULLETIN

September 02, 2003 --- Vol. 9, No. 85September 2003

ASRC buys into Alpine pipeline

Arctic Slope Regional Corp., the Native regional corporation for Alaska's North Slope that said in July it is expanding its scope to become an independent oil and gas producer in its own backyard, is anteing up $15.9 million to buy an interest in North Slope oil infrastructure.

ASRC formed a pipeline company, ASRC Pipeline Co. Inc., which has purchased 16.667 percent of Alpine Transportation Co., the entity which owns the pipeline connecting ConocoPhillips’ Alpine field near the Colville River to the main North Slope pipelines to the east.

Teresa Imm, long-time ASRC land manager, has been named president of ASRC Pipeline Co. Imm is also in charge of the ASRC-BP Exploration (Alaska) mentoring agreement signed in March that established a framework for slope producer BP to share data and technical knowledge with ASRC, including information on unit and near-unit oil and gas investment opportunities on the North Slope that the two companies might pursue together. (See cover story in the July 13 edition of Petroleum News.)

ASRC is a royalty owner in the Alpine field, and its oil and gas leases include an option to purchase a portion of the transportation system. The corporation decided to exercise that option, and as the final step, ASRC Pipeline and Alpine Transportation submitted a joint application to the Regulatory Commission of Alaska for approval of the acquisition by ASRC of a minority interest in the pipeline system. Kuukpik Corp., the Native village corporation of Nuiqsut, has an option to acquire a portion of ASRC's interest.

ASRC Pipeline will pay an estimated $15,889,284, 16.667 percent of Alpine Transportation's “rate base capital” estimated to be $95,333,800 as of Dec. 31, 2002, to purchase a minority 16.667 percent of the company. The acquisition has an effective date of Jan. 31, 2003.

Editor’s note: See full story in the Sept. 7 issue of Petroleum News.

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