DNR approves North Fork unit leases to be assigned to Hilcorp

Kay Cashman

Petroleum News

Retroactive to Feb. 1, the Alaska Department of Natural Resources' Division of Oil and Gas approved the assignment of the five North Fork unit leases from Vision Resources LLC to Hilcorp Alaska LLC on April 30.

As reported in the April 13 issue of Petroleum News, Hilcorp is in the process of buying the North Fork unit, or NFU.

The NFU leases involved include ADL 2095, 390603, 391210, 391211 and 733.

One hundred percent working interest is being transferred.

Hilcorp has previously agreed to certain conditions set out in the "Ninth Amended and Restated Financial Assurances Agreement" dated and effective Oct. 29, 2024, that require Hilcorp to provide DNR with certain financial assurances and information to ensure that Hilcorp is capable of satisfying its financial obligations, as lessee, to DNR, as lessor, for the dismantle and removal, and restoration (DR&R) obligations under the assigned leases and applicable statutes and regulations.

--KAY CASHMAN