Polar to buy Point Thomson area leases - May 26, 2013

Providing coverage of Alaska and northern Canada's oil and gas industryMay 2013

Vol. 18, No. 21

Week of May 26, 2013

Polar to buy Point Thomson area leases

Polar Petroleum (Alaska) Corp. is looking to buy a plot of leases north of Point Thomson.

The small independent recently signed a letter of intent to purchase 100 percent working interest in 12 leases north of the ExxonMobil-operated unit on the eastern North Slope.

Polar Petroleum currently operates the Hemi Springs prospect south of Prudhoe Bay and a lease farther to the south that it calls the Franklin Bluffs prospect. The company must drill a well on its leases within two years of closing (presumably in early to mid-2015).

Donkel Oil & Gas originally acquired the tracts in a 2011 lease sale. Polar Petroleum also acquired its initial Alaska North Slope acreage from Donkel Oil & Gas, earlier this year.

The company is calling the new prospect North Point Thomson.

—Eric Lidji

Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
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