Great Bear divides North Slope holdings

Eni hands over Mustang prospect leases to Alaska Venture Capital Group, numerous small deals approved in March, April

Eric Lidji

For Petroleum News

Great Bear Petroleum LLC formed a number of affiliates earlier this year to manage its massive North Slope land holdings, according to recent state leasing reports.

The Alaska independent transferred complete working interest and sizable royalty interests — between 83 and 87 percent — in its North Slope acreage to two companies: Great Bear Petroleum Ventures I, LLC and Great Bear Petroleum Ventures II, LLC.

Great Bear Petroleum Ventures I now holds 126,186 onshore acres and Great Bear Petroleum Ventures II now holds 372,856 onshore acres, according to state lease records.

Great Bear Petroleum formed four affiliates on March 12. The first, a holding company called Great Bear Petroleum Operating LLC, is the owner of the other three: Great Bear Petroleum Ventures I, Great Bear Petroleum Ventures II and Great Bear Petroleum Ventures III. Currently, Great Bear Petroleum Ventures III holds no acreage.

Alaska statues limit the amount of acreage a single entity can hold in the state.

Eni Petroleum US LLC transferred its remaining 20 percent working interest and 16 percent royalty interest in six North Slope leases in and around the Southern Miluveach unit to Alaska Venture Capital Group LLC. The Italian major originally retained the interest when it farmed-out the North Tarn prospect to the company in January 2010.

Through its operating arm Brooks Range Petroleum Corp., AVCG and its partners recently announced a 40 million barrel discovery at the prospect, now called Mustang.

Southern Miluveach sits on the southwestern boundary of the Kuparuk River unit.

Union Energy (Alaska) LLC transferred 100 percent working interest and 81.25 percent royalty interest in two foothills leases — ADL 391326 and ADL 391327 — to Auxillium Alaska Inc. A man named Frank J. Hariton incorporated Auxillium in August 2011.

BP Exploration (Alaska) Inc. transferred a minor royalty interest in three leases at the Milne Point unit — ADL 047433, ADL 047437 and ADL 047438 — to Black Stone Acquisitions Partners I, LP, an arm of the global investment firm. BP also allowed three Beaufort Sea leases to expire — ADL 391469, ADL 390836 and ADL 390828.

Five corporate and independent investors transferred varying interests in four Oooguruk unit leases — ADL 355036, ADL 355037, ADL 355038 and ADL 355039 — to operator Pioneer Natural Resources Alaska, Inc. The entities include Anadarko Petroleum Corp., Oxy USA Inc., XH LLC, Herbaly Exploration LLC and George Alan Joyce Jr.

Bill Armstrong, president of Armstrong Oil & Gas, transferred a small royalty interest — all less than 0.1 percent — in numerous North Slope leases to Jeffery A. Lyslo.

The state also finalized leasing activity related to the Point Thomson unit settlement.

In Cook Inlet, the Victor Wynden LP transferred a small royalty interest in three leases at the Redoubt unit to independent investor Victor Rogers. The interests were all less than 0.03 percent. The leases were ADL 381003, ADL 381201 and ADL 381203.

The Alaska Division of Oil and Gas denied the transfer of small to moderate royalty interests in seven leases contiguous to the Kitchen Lights unit to Escopeta Oil Co. LLC.

The four entities requesting to transfer interests were A. Lawrence Berry (0.984375 percent), Danny S. Davis (0.859375 percent), Taylor Minerals LLC (0.65625 percent) and Escopeta Oil of Alaska LLC (10 percent). The leases were ADL 391598, ADL 391599, ADL 391603, ADL 391604, ADL 391605, ADL 391606 and ADL 391607.

Cornucopia Oil & Gas LLC transferred a 1 percent working interest and 0.75 percent royalty interest in 30 leases at Kitchen Lights to operator Furie Operating Alaska LLC.

Annette Troseth transferred a small royalty interest in five leases in an around the Nicolai Creek unit to Gregory Scott Pfoff, president of unit operator Aurora Exploration.