Pacific Receives Approval from Alaska to Operate the McArthur, Corsa
Pacific Energy Resources Ltd. Reported that pursuant to the terms and conditions of the previously signed purchase and sale agreements between the Corporation, as Buyer, and Forest Oil Corporation, the Corporation has received approval from the Alaska Department of Natural Resources, Division of Oil & Gas to operate the McArthur, Corsair and Redoubt Units located in the State of Alaska, effective January 28, 2008.
The Alaska Department of Natural Resources is the primary state regulatory agency responsible for the management of the lands subsoil and seabeds located within the borders of the State of Alaska. In connection with the approval of the operatorship for the units, the Corporation has submitted cash bonds and will establish an escrow account in the form of Treasury Notes or the other securities to secure any outstanding balances due to fully fund the abandonment obligations to the State. The Corporation has also submitted Certificates of Financial Responsibility and certificates of insurance to the applicable state and local agencies having regulatory authority over state lands offshore of the Alaska coast and other state and public lands.
The Corporation has also submitted an Amended Plan of Exploration for the Corsair Unit which requires the Corporation to timely conduct exploration, evaluation and development activities that will result in the production of commercial quantities, if found. The Alaska Department of Natural Resources has accepted the Corporation's Amended Plan of Exploration and under the terms of the plan, the Corporation has to provide satisfactory evidence a rig commitment on or before April 1, 2008 that will allow the Corporation to commence drilling in the Corsair Unit on or before June 30, 2009.
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