Foothills, Cook Inlet areawide sales set for May 1

By Petroleum News • Alaska Staff

The state’s 2002 areawide North Slope Foothills and Cook Inlet oil and gas lease sales will take place May 1 at 8:30 a.m. at the Loussac Public Library in Anchorage.

In a notice of sales published Jan. 30 the Alaska Department of Natural Resources, Division of Oil and Gas said minimum cash bonus bid will be $5 an acre for both sales. The royalty rate will be 12.5 percent for both sales.

The North Slope Foothills leases have a 10-year term, while the term is only seven years for Cook Inlet leases.