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Alaska development bank forecloses on oil field assets


January 29th |
 
 
Leaders of the state development bank now must decide what to do with a failed North Slope oil project in which they have invested $70 million.
The Alaska Industrial Development and Export Authority took control of the Mustang project in December following years of fits and starts by former operator Brooks Range Petroleum Corp. that ultimately led the state-owned authority to foreclose on the project assets.
Approximately a year ago the AIDEA board of directors approved what ended up being the last in a series of amendments to its $70 million total equity investment in Mustang, which had previously been morphed into a loan to Brooks Range s parent companies. ....

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Alaska development bank forecloses on oil field assets after $70 million investment


Alaska development bank forecloses on oil field assets after $70 million investment
Published January 21
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Leaders of the state development bank now must decide what to do with a failed North Slope oil project in which they have invested $70 million.
The Alaska Industrial Development and Export Authority took control of the Mustang project in December following years of fits and starts by former operator Brooks Range Petroleum Corp. that ultimately led the state-owned authority to foreclose on the project assets.
Approximately a year ago the AIDEA board of directors approved what ended up being the last in a series of amendments to its $70 million total equity investment in Mustang, which had previously been morphed into a loan to Brooks Range’s parent companies. ....

Brooks Range , United States , Kuparuk River , North Slope , Bill Walker , Majid Jourabchi , Alan Weitzner , Brooks Range Petroleum Corp , Mustang Holding , Oil Search , Caracol Petroleum , Thyssen Petroleum , Alaska Industrial Development , Department Of Revenue , Alpha Energy Holdings , Thyssen Petroleum Alaska , Mustang Holdings , Division Of Oil , Export Authority , Brooks Range Petroleum , Singapore Based Caracol Petroleum , Singapore Based Alpha Energy Holdings , Houston Based Thyssen Petroleum , Anchorage Based Brooks Range , Mustang Operations , Revenue Commissioner ,