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Governor Encouraged By Linc Energy Purchase of Oil Assets at Umiat

June 16, 2011, Juneau, Alaska - Governor Sean Parnell today welcomed Linc Energy's announcement that it is purchasing oil and gas assets in the Umiat region. The company estimates production to be in excess of 50,000 barrels of oil per day following field development and the construction of a pipeline connecting it to the Trans Alaska Pipeline System (TAPS). Linc Energy's significant investment demonstrates that Alaska's North Slope remains a world class energy basin with considerable untapped potential.

"Linc Energy has the vision, leadership, and assets to finally bring the oil in the Umiat region to production," Governor Parnell said. "Production of up to 50,000 barrels of oil a day will benefit all Alaskans and the communities in the region by helping sustain the long-term operation of TAPS."

Linc Energy's purchase of oil and gas assets was spurred by the state's decision to make infrastructure investments in the region. In 2009, Governor Parnell directed the State of Alaska to advance the permitting for a road and pipeline corridor from Umiat to the Dalton Highway and TAPS. The road and pipeline would provide benefits not only for access and transportation of oil, but also for future exploration and development of gas in the Foothills. The road would also benefit the U.S. Army Corps of Engineers as it continues cleanup of the former military site at Umiat.

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