BRPC assuming Bow Valley prospect share
Brooks Range Petroleum Corp. is taking over a share of one of its partners involved with drilling programs planned for this year, according to a company executive.
BRPC will take over the 20 percent interest of Calgary-based Bow Valley Energy Ltd. as it pursues an exploration program this winter in the Gwydyr Bay area, known as the North Shore prospect, according to Jim Winegarner with BRPC.
The move allows Bow Valley to participate in North Shore operations in the future.
“We’ve frozen our interest in the North Shore property; that’s all we’ve done,” said C.W. Leigh Cassidy, vice president and chief financial officer of Bow Valley.
The move does not impact Bow Valley’s involvement in other projects being pursued by the joint venture, such as work in the Tofkat area or planned seismic acquisition.
Cassidy declined to discuss the reasons behind the move.
The company recently cited global economics and “bank indebtedness maturities” for a decision to consider “potential asset divestments, equity alternatives, strategic alliances, joint venture opportunities, mergers or a corporate sale transaction.”
—Eric Lidji
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