Arctic Oil & Gas Corp., a petroleum exploration company, expects heightened interests in drilling for oil and gas in the U.S.-owned Arctic National Wildlife Refuge, or ANWR, will benefit the Company's own prospects of expediting development and drilling. The bi-partisan "American Made Energy Act" (HR 5437) was proposed in the House of Representatives by Reps. Nunes (R-CA) and Ross (D-AR).
Arctic's legal and political activities to initiate support for its development and drilling in the nearby "Arctic Commons" will be benefitted by the push in Congress for drilling in the ANWR, which probably contains significantly smaller reserves than the "Arctic Commons." The Company has already been in contact with the offices of the President, the Secretary of the Interior, and the Secretary of Energy, and expects that all those who support HR 5437 will also be supportive of Arctic's proposal, which will provide great benefits to the United States, through helping to lessen dependency on foreign oil and to provide dramatic royalty payments to the U.S. government, based on the Arctic formula.
Meanwhile, oil prices surged to over $109 on Monday, a new inflation-adjusted record and their fifth new high in the last six sessions on an upbeat report on wholesale inventories. Energy investors shrugged off a relative stabilization of the dollar and a cooling in tensions between Venezuela and its neighbors Colombia and Ecuador.
Peter Sterling, Arctic CEO, stated, "We are thrilled by the introduction of the 'American Made Energy Act,' HR 5437, which we firmly believe at Arctic will help us garner stronger political support for our drilling and producing the 'Arctic Commons.' We expect Representatives Nunes and Ross to be strong potential allies and look for the same positive support from all supporters of this energy bill."
Mr. Sterling further stated, "This energy bill potentially does a great deal of our work for us. At the same time, we believe that we are going to be even better environmentally prepared than they will be to drill in ANWR, so that we feel that these gentlemen have prepared a model that will help us speed up our own timetable."
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