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State finalizes AVCG deals on North Slope
The state recently finalized several lease transactions between Alaska Venture Capital Group LLC, its partners and a subsidiary and the companies of a three-party joint venture.
The Alaska Department of Natural Resources approved the assignment of various working interests and royalty interests in a package of North Slope leases from AVCG, Ramshorn Investments LLC and Brooks Range Development Corp. to TP North Slope Development LLC, MEP Alaska LLC and Caracol Petroleum LLC.
AVCG and Ramshorn recently sold their Alaska holdings to those three companies for $450 million. The leases in question are outside the Southern Miluveach unit, which the companies are working to bring into production. The leases in question include acreage in the Beechey Point unit and the Badami units, as well as much un-unitized acreage.
The state denied a series of requests to assign small overriding royalty interests in many of those same North Slope leases to those same three companies.
Also in March, BP Exploration (Alaska) Inc. assigned 1.25 percent royalty interest in two segments of lease ADL 355021 at the Milne Point unit to Hilcorp Alaska LLC. BP recently sold a 50 percent working interest in the unit to Hilcorp, which became operator.
Terminations, royalty interests The state terminated a North Slope lease held by Sun-West Oil & Gas Inc. for non-payment of rent. The lease - ADL 390822 - was on the coast of the Arctic National Wildlife Refuge, at the mouth of Pokok Bay. The company owns another lease nearby.
The state also terminated two offshore Cook Inlet leases held by the James C. Casper & Laurel L. Casper Living Trust, also for non-payment of rent. The leases - ADL 391593 and ADL 391594 - were in the vicinity of Kalgin Island, which is a critical habit area.
Several small royalty owners assigned small overriding royalty interests - all in increments of less than 1 percent - in four leases at the Cook Inlet Energy-operated Redoubt unit. The Eldon and Frances Ford Trust assigned small overriding royalty interests in ADL 17658 at the ConocoPhillips-operated Beluga River unit to David E. Ford, Robert A. Ford and Douglas D. Ford. The Locke Jacobs Estate assigned a 3 percent royalty interest in lease ADL 733 at the North Fork unit to Evangeline N. Jacobs.
- A copyrighted oil and gas lease map from Mapmakers Alaska was a research tool used in preparing this story.
- Eric Lidji
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