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Vol. 15, No. 46 Week of November 14, 2010
Providing coverage of Alaska and northern Canada's oil and gas industry

The Explorers 2010: Cook Inlet Energy

Cook Inlet Energy rose from the ashes of Pacific Energy. When California independent Pacific Energy filed for bankruptcy in 2009, several of its executives started Cook Inlet Energy to buy the assets. Cook Inlet Energy is now a subsidiary of Tennessee-based independent Miller Petroleum. After months of court proceedings, Cook Inlet Energy closed the deal in December 2009 and shifted gears, becoming a producer in early 2010.

Through the sale, Cook Inlet Energy acquired several properties on the west side of the Cook Inlet basin: the West McArthur River unit, the West Foreland natural gas field, the Redoubt unit and Osprey offshore platform, the Kustatan production facility and a 30 percent stake in the Three Mile Creek unit operated by Aurora Gas. The company also got significant exploration acreage, including the Susitna Basin Exploration License, which has not yet been formally transferred and which expires in November. (Miller Petroleum said it plans to ask for an extension.)

In 2010, Cook Inlet Energy brought three wells online at West McArthur River and currently produces some 1,100 barrels of oil equivalent per day. The company also restarted the KF-1 well, shut-in for a year, at the Kustatan facilities, producing 70,000 cubic feet of natural gas per day in a flow test. That gas will be used to fuel field operations. The company plans to drill five wells at West McArthur River over the coming year and believes the expansion could add more than 2,000 barrels of oil to its daily production profile, but still needs to raise capital before undertaking the effort.

Cook Inlet Energy holds more than 75,000 acres in state leases, plus nearly 18,000 leases picked up in a May 2010 sale. The company also holds partial interest in some 52,000 acres and is the owner of a 471,474-acre exploration license in the Susitna basin.

Current exploration focus:

Cook Inlet: Cook Inlet Energy is focused on developing onshore oil and gas assets on the west side of the Cook Inlet basin, particularly the West McArthur River unit.



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