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Housekeeping in August lease report AVCG loses leases contracted and terminated out of units, department issues new Cook Inlet leases Eric Lidji For Petroleum News
In a bit of housekeeping, the Alaska Department of Natural Resources has finalized several previously announced Alaska Venture Capital Group leasing transactions.
Alaska Venture Capital Group and its operating arm Brooks Range Petroleum Corp. recently contracted the Beechey Point unit in the Gwydyr Bay region and terminated the Putu unit in the fairway between the Kuparuk River unit and the Colville River. With the decisions, 23 Beechey Point leases and nine Putu leases expired on Aug. 31.
Additionally, 16 Alaska Venture Capital Group leases south of the Point Thomson unit expired at the end of July. The leases were originally considered for the Greater Bullen unit, but were not included in the smaller and more recently proposed Telemark unit.
And finally, two Alaska Venture Capital Group leases near Nuiqsut expired on July 31.
On existing leases in the fairway between the Kuparuk River unit and the Colville River, Brooks Range Development Corp. transferred a 7.36905 percent working interest and 6.14088 percent royalty interest in 32 leases, and a 7.18554 percent working interest and 5.98795 percent royalty interest in five other leases to partner Ramshorn Investments Inc.
Alaska Venture Capital Group transferred a 14.73095 percent working interest and 12.27579 percent royalty interest in 32 leases; a 10 percent working interest and 8.33333 percent royalty interest in 10 leases; and a 14.21664 percent working interest and 11.84538 percent royalty interest in five other leases to partner Ramshorn Investments.
In the other direction, Ramshorn transferred a 12.5 percent working interest and 10.41667 percent royalty interest in 77 leases, and a 17.5 percent working interest and 14.58333 percent royalty interest in 17 other leases to partner Alaska Venture Capital Group.
Also on the North Slope, the department terminated three Union Energy (Alaska) LLC leases for failure to pay rent. The leases — ADL 391309, ADL 391310 and ADL 391311 — were on the eastern North Slope, near the Canning River. The leases include the ARCO Kavik U No. 2 well and were near the BP Kavik U No. 1 and No. 3 wells.
Cook Inlet leases issued In Cook Inlet, the department issued 86 leases to Apache Alaska Corp.
From the same Cook Inlet areawide lease sale, the department also issued five leases to Alaska LLC, two leases to Aurora Exploration LLC, and one lease each to Nordaq Energy Inc. and Cook Inlet Energy Inc., individuals John M. Martineck and Paul Craig.
Nordaq also transferred 1 percent royalty interests in ADL 391597 to John Kidd, Paul L. Devine, Hugh North and Robert Warthen, respectively. And Aquilonia Energy E&P Inc. transferred a 30 percent working interest and 26.25 percent royalty interest in four leases — ADL 391254, ADL 391255, ADL 391278 and ADL 391279 — to Nordaq.
Monte J. Allen forfeited three leases over and around Kalgin Island — ADL 391827, ADL 391828 and ADL 391829. Allen retains a fourth lease in the Kalgin Island region.
—A copyrighted oil and gas lease map from Mapmakers Alaska was a research tool used in preparing this story.
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