NEWS BULLETIN May 14, 2001 --- Vol. 7, No. 56 May 2001 Evergreen buys Pioneer Unit from Unocal, Ocean Energy Gas pipeline route from Alberta to Lower 48 shaping up Print this story Petroleum News - Phone: 1-907 522-9469 [email protected] --- https://www.PetroleumNews.com S U B S C R I B E CLICK BELOW FOR A MESSAGE FROM OUR ADVERTISERS.

Entek and Elixir have entered into a binding agreement granting Entek an exclusive option to purchase the acreage through the acquisition of Emerald House. The proposed transaction, exercisable on or before Jan. 31, allows Entek to acquire Emerald for up to 200 million shares.

Any additional leases acquired by Emerald will be included in the potential Entek acquisition.

In the Dec. 12 BLM lease sale Emerald was high bidder on 10 more leases in the National Petroleum Reserve-Alaska on 114,167 acres for $1.1 million, and adjacent to Craig's former leases.

According to Craig, per the example set by Armstrong, which has brought in several larger partners to fund oil developments on the North Slope, including those at Oooguruk, Nikaitchuq, Pikka and Horseshoe, "it can take billions of dollars to fund a really big North Slope development," and that is likely what Entek will have to do as a logical next step.

- Kay Cashman

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