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Providing coverage of Alaska and northern Canada s oil and gas industry
88 Energy buys Umiat oil fields 2 tracts
Ahead of this winters Project Peregrine drilling at Merlin and Harrier firm buys NPR-A unit directly to south in bargain deal
Kay Cashman
Petroleum News
88 Energy said Jan. 11 that on Jan. 8 its wholly owned subsidiary Emerald House acquired the Umiat oil field in the National Petroleum Reserve-Alaska from Malamute Energy and Renaissance Umiat. The purchase price was a 4% overriding royalty interest on the two federal leases in the Umiat unit, as well as the assumption of liability of abandonment (estimated cost US$1 million) of two Umiat wells - 18 and 23H - drilled by Linc Energy in 2013/2014.
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