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Doyon, Limited Announces Plans for Additional Oil and Gas Exploration

Fairbanks, Alaska – The Doyon, Limited board of directors has approved plans for several large Doyon oil and gas exploration projects in Interior Alaska totaling more than $37 million.

Sanctioned by the board are:

  • Converting some 400,000 acres in the Nenana Basin that are currently under an oil and gas exploration license that Doyon and others hold with the State of Alaska to seven-year exploration leases.
  • Drilling a new deep well in the Nenana Basin as early as this winter. Permitting for this is now underway.
  • Gathering new seismic data on Doyon lands, including some village lands in the Yukon Flats, with the goal of finding a prospect for a drilling program.

According to Doyon President and CEO Aaron Schutt, the projects are part of the corporation’s strategic plan for growth. He adds that, “These projects show a lot of promise. If successful, they could provide substantial benefits not just to our shareholders, but also all Alaskans in terms of jobs and helping alleviate the energy crisis in Interior Alaska.”

Schutt says, “Recent state legislation approved expanding exploration incentives and the change in the oil production tax regime in frontier basins, including Interior Alaska, were essential for us to move forward with these substantial projects. Doyon thanks the Legislature and Governor Parnell and his administration for their work on those changes. The corporation is especially appreciative of the Interior delegation, Rep. Steve Thompson of Fairbanks and Sen. Thomas Wagoner of Kenai, for their efforts.”

Doyon will hold a press conference to provide further information on these projects today, Monday, August 27 at 11 a.m. at its Fairbanks headquarters, 1 Doyon Place. For media outlets wishing to attend, please contact Doyon Vice President of Communications Sharon McConnell at 459-2051 or mcconnell@doyon.com.

Headquartered in Fairbanks, Doyon, Limited has more than 18,500 shareholders and was established under the 1971 Alaska Native Claims Settlement Act. Doyon, one of the top 10 Alaskan-owned companies, is also the largest private landowner in Alaska and one of the largest in North America. Its mission is to continually enhance its position as a financially strong Native corporation in order to promote the economic and social well-being of its shareholders and future shareholders, to strengthen its Native way of life, and to protect and enhance its land and resources. For more information, visit www.doyon.com.

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