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The Explorers 2009:
UltraStar Exploration is one of the smallest oil companies in Alaska, essentially one man — Jim Weeks — working with a group of investors. But it outperforms its size. As Winstar Petroleum, run with all the same players, Weeks drilled Oliktok Point State No. 1 in 2003, looking for oil.
He formed UltraStar in 2002 to chase prospects west of Point McIntyre uncovered by a package of 3-D seismic he acquired. After several years of hurdles, UltraStar drilled Dewline No. 1 in early 2009 to target oil prospects. Weeks called it a “good well,” but offered no further details and abandoned the well. In June 2009, UltraStar got approval to form the Dewline Unit over three leases tucked between the Prudhoe Bay and Northstar units. The company plans to return to the area to drill again in early 2011.
UltraStar currently does not produce oil, but holds some 6,500 acres. Current exploration focus Northern Alaska — central North Slope: modest-sized oil pools close to current infrastructure. Plans to drill a second well in its Dewline Deep prospect north of Prudhoe Bay.
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