Kuukpik Corporation Purchases Drill Rig, Consolidates Ownership Interest
Nuiqsut, Alaska – July 19, 2010 - Kuukpik Corporation has concurrently completed transactions for the purchase of Kuukpik Rig #5 from Saxon Energy Services, Inc. and the purchase of the minority ownership of Kuukpik Drilling, LLC from the Corporation’s partners. Kuukpik Drilling, LLC is now wholly owned by Kuukpik Corporation, with all ongoing and future operations continuing under the name Kuukpik Drilling, LLC. “In keeping with our corporate mission and commitment to our shareholders,” Kuukpik Corporation Chairman Carl Brower and President Isaac Nukapigak stated, “The combined purchases, which retain all equipment, expertise and experience, insure Kuukpik Drilling, LLC will continue to provide competitive oil, gas and geothermal well drilling and workover services to the Alaska market.” Kuukpik Corporation is an Alaska Native Village Corporation established in 1973 under the provisions of the Alaska Native Claims Settlement Act. Kuukpik’s business interests and activities consist primarily of oil and gas support services including drilling, catering, security, ice road and civil construction, infrastructure maintenance, seismic acquisition, engineering services, and cargo transportation. Nuiqsut, home to the Kuukpik Corporation, is located approximately eight miles from the Alpine oil field on the North Slope of Alaska. The corporation has significant land holdings in and around the Greater Colville River Delta and the National Petroleum Reserve – Alaska. Kuukpik Corporation maintains offices in both Nuiqsut and Anchorage, Alaska.