Chroma Energy to Begin Exploration of Alaska's North Slope
Amorah, LLC, a wholly owned subsidiary of Chroma Energy Inc. of Houston, has signed an exploration agreement with Winstar Petroleum LLC and UltraStar Petroleum LLC, both of Anchorage, Alaska, to generate prospects in support of their exploration activities on the North Slope of Alaska. Under terms of the agreement, Chroma will evaluate the seismic data that Winstar and UltraStar have licensed from BP and ConocoPhillips over the last several years, using Chroma Energy's proprietary pattern recognition and pattern enabled visualization software.
According to Jim Weeks, president and CEO of Winstar and UltraStar, "Chroma Energy's success rate of finding oil and gas is over 75%. I look forward to their involvement with us as we aggressively continue to evaluate our extensive acreage position on the North Slope."
Said Don Voelte, CEO of Chroma Energy, "This agreement represents another significant step in the growth of Chroma's business. We are pleased that Winstar and UltraStar have recognized the value of Chroma's exploration experience and proprietary technology, and are excited to prospect in this prolific oil province."