Bald Eagle recently acquired the exclusive right to drill for and produce oil and natural gas under six (6) separate leases in Alaska's North Slope. The acquired leases, which were transferred to Bald Eagle in the fourth quarter of 2008, include a 100% working interest with a net revenue interest of 78.33%. The parcels of land subject to the leases total 18,418 acres, and each lease has an initial expiration date of January 31, 2012, subject to extensions for production.
Andrew Harper, Bald Eagle's Chief Executive Officer, stated, "We are excited about the oil and gas exploration potential of these leases, which from a geological perspective are in a very favorable location. We see viable potential in this region for future development and the location of the leases (very close to the Trans Alaska Pipeline and the Dalton Highway) will help to lower operational costs and in effect lower the minimum field size required for commercial development relative to other parts of the North Slope."
To avoid unnecessary expenditures, as it moves forward with its Alaskan operations, Bald Eagle decided to let its previously held interests in its Cheryl Comego mineral claims located in the Province of British Columbia, Canada lapse in April 2008, under the terms of the mineral leases. The 'Comego Property' was held by Bald Eagle's wholly-owned subsidiary, CMBS Explorations Inc., but after the claims lapsed, Bald Eagle no longer has interests in British Columbia.
Harper added, "We now can officially state that we have initiated a new focus on Alaska for the company. We have centralized our interests in the North Slope region with the belief that helping to develop energy solutions for America will benefit both consumers and our shareholders. The completion of this acquisition signifies another step towards Bald Eagle doing its part to aid in the goal of American energy independence."
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