Bald Eagle Energy, Inc., (BEEI.OB) recently finalized acquisition of 6 separate Alaska North Slope leases for oil and gas exploration, completing a purchase agreement begun in April, 2008. The leases total 18,418 acres, just south of the massive Prudhoe Bay Field, the largest single oil field in North America.
Alaska’s North Slope Basin is currently estimated to have roughly 27 billion barrels of discovered recoverable oil, and about 52 trillion cubic feet of recoverable natural gas. The Prudhoe Bay Field alone has produced over 10 billion barrels of oil. A third party geological report has estimated that, if new oil fields are discovered within the Bald Eagle lease acreage, they could collectively total up to 90 million barrels of recoverable oil, representing billions of dollars for Bald Eagle.
Besides having rich hydrocarbon potential, the lease areas are valuable for their proximity to existing petrochemical infrastructure. All the Bald Eagle leases are close to the Trans Alaska Pipeline, as well as the all-weather Dalton Highway. This means that any new oil discoveries should be relatively easy to develop. In addition, if natural gas is developed, the Bald Eagle leases are also close to the route of the state’s proposed gas pipeline.
Bald Eagle should also benefit from the favorable political environment found in Alaska. Even though Alaska’s North Slope operations involve some of the largest oil companies in the world, including British Petroleum, ExxonMobil, ConocoPhillips, and Chevron, Alaska’s state government recognizes a place for smaller players like Bald Eagle. Although British Petroleum invests some $600 million each year in the state, Alaska has a record of actively encouraging independent energy companies like Eni SpA, Anadarko Petroleum, and Pioneer Natural Resources.
The Bald Eagle leases symbolize the company’s confidence in Alaska’s North Slope, and their high expectations for long term development and profit.
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