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State receives 43 bids in Cook Inlet, Alaska Peninsula lease sales

(Anchorage, AK) – The Alaska Division of Oil and Gas received a total of 43 bids from companies and investors interested in obtaining state leases during today’s Cook Inlet and Alaska Peninsula oil and gas lease sales. Successful bidders will have the opportunity to explore and potentially develop these leases for the lease term of 10 years.

“We are pleased to have another strong Cook Inlet sale and we are excited to receive the first bids for the Alaska Peninsula leases since 2007,” said Division of Oil and Gas Director Bill Barron, after opening bids at the Dena’ina Civic and Convention Center in downtown Anchorage this morning.

According to preliminary sale results, the division received 40 bids from 8 bidders on 35 tracts encompassing 114,203 acres in the Cook Inlet sale area, and the division received three bids from two bidders on three tracts encompassing 10,280 acres in the Alaska Peninsula sale area.

Winning bonus bids totaled $5,348,443 for the Cook Inlet lease sale and $51,400 for the Alaska Peninsula lease sale.

“This year’s lease sale results show continued optimism among investors about the hydrocarbon resource potential of these two regions, and that state-owned acreage is considered highly prospective for oil and gas development. The sale results also demonstrate continued growth in the market potential for Cook Inlet oil and gas,” Barron said.

Following bid adjudication, preliminary results will be posted later this week at www.dog.dnr.alaska.gov.

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