Final notice out for areawide sales

Petroleum News Alaska Staff

The state has issued notices of sale for the North Slope and Beaufort Sea areawide 2001 oil and gas lease sales.

The Department of Natural Resources Division of Oil and Gas said July 25 that bids for the sales will be opened Oct. 24 in the Wilda Marston Theater at the Loussac Public Library in Anchorage.

There is a minimum bonus bid of $5 an acre for the North Slope tracts and $10 an acre for the Beaufort Sea tracts. Royalty rates vary by tract, with some tracts having a rate of 12.5 percent and some a rate of 16.66667 percent.

Lease terms also vary, with some tracts leasing for 10 years and some for only seven. Complete details are available on the division’s website: www.dog.dnr.state.ak.us/oil.