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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: UltraStar Exploration

UltraStar Exploration is one of the smallest oil companies in Alaska, essentially one man — Jim Weeks — and 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. Now, UltraStar is planning to drill a follow-up well at Dewline in early 2012. Under the terms of the unit, UltraStar is required to drill a second well at Dewline by May 2013. Weeks’ companies hold some 7,000 acres.

Current exploration focus:

Northern Alaska: UltraStar drilled a well at Dewline Deep, a modest oil pool close to current infrastructure, in 2009 and plans to drill a directional follow-up in early 2012.



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