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New gas from inlet
Multi-year $50M revolving credit line signed by AIDEA, HEX CI
Kay Cashman Petroleum News
HEX Cook Inlet, whose wholly owned subsidiary Furie Operating Alaska is operator of the Kitchen Lights unit in Cook Inlet, expects to have its two new natural gas wells online before August. Furie is currently drilling the wells using the Spartan 151 jack-up for its 2025 $40 million program.
The rig belongs to Hilcorp Jack-Up Rig Co. Furie took delivery of the jack-up on April 10.
"Together with Hilcorp, we are demonstrating that Alaskans working together can develop more critically needed energy from the Cook Inlet basin," John Hendrix said after signing the jack-up agreement.
In a recent interview with Petroleum News, Hendrix, president and CEO of HEX Cook Inlet, said, "All we have to do is drill. We already have the platform."
That's the Julius R platform. And he also has a 15-mile subsea gathering line and an onshore natural gas processing facility at Nikiski on the Kenai Peninsula.
So getting natural gas to Southcentral Alaska is that much quicker for Furie versus companies that do not have infrastructure in place.
Born and raised in Alaska, Hendrix is the owner of HEX, the parent of HEX Cook Inlet.
HEX Cook Inlet is the only 100% Alaskan-owned oil and gas company currently operating in the state.
Local ownership Hendrix formed the HEX companies for the purpose of purchasing Furie, its sister companies and their Cook Inlet assets -- principally to switch the Cook Inlet Kitchen Lights unit from foreign and Outside ownership to Alaskan ownership.
He accomplished this on June 30, 2020, making the purchase from a Delaware bankruptcy court.
Agreement with AIDEA On May 2, the Alaska Industrial Development and Export Authority, or AIDEA, and HEX Cook Inlet announced the successful signing of loan documents supporting Furie's multi-year $50 million Revolving Line of Credit.
This agreement marks a key milestone in securing the financing necessary to advance new drilling operations and expand energy infrastructure to meet the growing demand for locally produced natural gas in Alaska and contribute to reducing the forecasted Cook Inlet natural gas supply gap.
In addition to expanding Alaska's natural gas supply, the project enhances the competitiveness of local gas markets by broadening access to resources and reducing reliance on imported energy.
Furie anticipates the creation of up to 100 jobs during active development operations and the addition of five new permanent positions once development is complete.
This commitment supports the long-term retention of a resident, skilled workforce and reinforces Alaska's position as a hub for energy expertise.
"This is more than a drilling project -- it's an investment in Alaska's energy independence, economy, and workforce," said Hendrix. "Finalizing this agreement allows us to move ahead confidently, knowing we're backed by a partner that shares our vision for long-term development and local impact. Our team is ready to deliver for Alaskans."
Supports AIDEA's mission The project also supports AIDEA's mission of fostering responsible development and economic growth. As a 100% Alaska-owned company, Furie -- along with its parent company HEX Cook Inlet-- remains focused on hiring and training Alaskans for work in the oil and gas sector. The potential for future expansion makes this initiative a strategic step toward building a stronger, more resilient energy future for the state, AIDEA and HEX Cook Inlet said in a press release.
Randy Ruaro, AIDEA executive director said, "AIDEA is proud to partner with HEX on this impactful project. This investment supports not only gas production, but job creation, skill development, and long-term energy reliability for communities across Southcentral Alaska."
"AIDEA strongly supports strategic investments through AIDEA's direct finance program that leverage our natural resources to benefit all Alaskans," said AIDEA Chief Investment Officer Geoff Johns. "This partnership with HEX Cook Inlet aligns with our mission to strengthen Alaska's economy through responsible Cook Inlet natural gas and resource development.
"With the deployment of the Spartan 151 jack-up rig and a long-term commitment to development, Furie continues to solidify its role as a major contributor to Alaska's energy landscape, local job creation, and increased energy security for Southcentral Alaskans."
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