The Explorers 2009:

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Renaissance hopes to benefit from wells drilled by the U.S. Navy more than 60 years ago. The Texas-based independent, which operates in Alaska both as Renaissance Alaska and Renaissance Cook Inlet, is once again focusing its attention on the Umiat oil prospect on the North Slope.

Renaissance came to Alaska in the middle of the decade and built up land positions at two prospects. In Cook Inlet, the company took over the Northern Lights oil prospect, previously known as Sunfish. On the North Slope, Renaissance pursued Umiat, adjacent to the Colville River on the east side of the National Petroleum Reserve-Alaska. Umiat is one of many northern prospects discovered by the U.S. Navy and the U.S. Geological Survey in the 1940s and 1950s.

Working with a group of other independents, Renaissance planned to drill at Umiat in early 2008. The high risk of the program, combined with a shortened drilling season that year, prompted the company to postpone drilling in favor of shooting 3-D seismic. The results from that shoot suggested 250 million barrels of recoverable oil at Umiat, encouraging enough for the company to take another stab at Umiat. Renaissance is now waiting for oil prices to reach a sustained high. Renaissance leases some 87,000 acres of state land in Alaska.

Renaissance transferred its Cook Inlet Northern Lights acreage to Escopeta Oil & Gas when the Kitchen Lights unit was formed, but the company has retained some offshore acreage with the intention of drilling, if Escopeta Oil & Gas brings a jack-up rig to the Inlet. However, Renaissance is transferring its offshore leases and some onshore leases on the Kenai Peninsula to Stellar Oil & Gas, a new company owned by some Renaissance executives.

Current exploration focus

Cook Inlet: wants to drill in its offshore North Middle Ground Shoal and Northwest Cook Inlet prospects if Escopeta Oil & Gas brings a jack-up rig to the inlet. Also has onshore acreage on the Kenai Peninsula.