Bow Valley Announces Alaska Land Sale Results
Bow Valley Energy Ltd. announced late Thursday the results of the Alaska North Slope and Beaufort Sea lease sales. Bow Valley Alaska Corporation, a wholly owned subsidiary of Bow Valley Energy Ltd., has the right, along with the other co-venturers to participate in the apparent high bids, submitted by Alaska Venture Capital Group LLC ("AVCG") on behalf of the partners. Bow Valley intends to exercise its rights for all of the successful acreage, paying 20% of the bids for a working interest of 20%, subject to regulatory approval.
AVCG and the co-venturers (the "JV Partners") had apparent high bids totaling US$836,800, representing 26 percent of the total US$3.2 million bid at both land sales. The bids must gain final approval through a government adjudication process, expected to take as long as six months.
The JV Partners were apparent high bidder on twelve tracts in the Beaufort Sea near-shore. Seven of the tracts consolidate the JV Partners acreage block in the Gwydyr Bay area. The JV Partners plan to drill two wells this winter in this area from onshore surface locations. A third well may be drilled depending on results of the first two wells. The other five tracts are in a new prospect area, north of the 500 mmbbl Alpine field.
The JV Partners were apparent high bidder on four tracts south of the Alpine field in its Titania prospect area. The JV Partners plan may include a 3D seismic program this winter season, with possible exploration drilling in early 2008.
Robert G. Moffat, President and CEO of Bow Valley Energy said: "We are pleased with this further development in our move into Alaska. It is our intention, along with our JV Partners, to continue to be aggressive at acquiring prospective lands, which will enable us to continue an aggressive light oil exploration program in 2007 and well into the future."
Bow Valley Energy Ltd. is an oil and natural gas exploration, development and production company with operations in western Canada, Alaska and the U.K. sector of the North Sea. The common shares of the Company trade on the Toronto Stock Exchange under the symbol BVX.
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Company: Alaska Venture Capital Group more info
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