Armstrong Acquires 72 Percent Working Interest in Castle West Prospect
Armstrong Oil & Gas, Inc. through its subsidiary North Slope Energy, LLC announced the completion of a transaction to acquire a 72 percent working interest in Borealis Alaska Oil, Inc.’s Castle West Prospect on the North Slope. The Castle West prospect totals more than 92,000 acres in the highly prospective Nanushuk Play Fairway.
North Slope Energy and Borealis Alaska Oil are planning to evaluate the lands with a test well in the near future.
Bill Armstrong, Armstrong Oil & Gas CEO, commented, “We are excited about our new partnership with Borealis at Castle West. The Nanushuk play on the North Slope of Alaska is currently the world’s hottest, conventional, onshore oil play. Since our discovery of the multi-billion barrel Pikka field in 2013, the Nanushuk play has had an extremely high exploration success rate with five large new discoveries, yet the play is still in its infancy and has barely been explored.”
Doris Cheng, Borealis Alaska Oil CEO, said, “We are very pleased to work with Armstrong considering their prominent successes in the North Slope over the past two decades.”
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Alaska’s Giving Pipeline
Few large foundations support “the general good” or social service projects in Alaska, so the Last Frontier has a pretty thin philanthropic layer, according to United Way of Anchorage Vice President Cassandra Stalzer. However, the oil and gas industry has a history of stepping in and filling the gaps in Alaska communities by providing money and volunteers for myriad charitable efforts in the state.