Arctic Oil, Gas Reserves Expected Exceed Alaska's Prudhoe Bay
Arctic Oil & Gas Corp., a petroleum exploration company, will develop its share of the extensive "Arctic Commons" claims of what may be one of the greatest oil and gas discoveries in history. The Company expects its legal claims to a portion of the prospect to be developed in partnership with both major integrated oil companies and large independent exploration companies.
Prospects to be explored in the arctic seabed are expected to far surpass the greatest nearby discovery, which is Alaska's Prudhoe Bay. The United States has produced over 12.8 billion barrels of oil from this area, which was discovered in 1968. The Wall Street Journal estimated that over 400 billion barrels of oil may be found and produced within the "Arctic Commons." The largest potential oil-gas sedimentary basins are adjacent to secure US Alaska and Canadian territories.
For the world's major independent oil companies, the Arctic Commons Claim represents a unique long-term opportunity to carve out an entire nation-sized remote frontier basin region for oil companies to operate in with lower taxes and imposts, possibly for centuries.
Arctic Oil & Gas Corp. will create a series of strategic exploration, drilling and development alliances in order to locate and develop the oil and gas resources within the Commons. The Company's management expects to finalize and announce a series of financial partnerships in the near future to provide the wherewithal to develop and drill the "Arctic Commons."
Peter Sterling, CEO of Arctic Oil & Gas Corporation, stated that, "In a world nearing a point when oil will be seriously scarce and expensive, Management believes that, subject to exploration proving successful, and with the help of increasing Canadian oil-sands resources supplies, the Arctic Commons Abyssal could contain enough oil and gas to provide America with perhaps 5-10 million barrels per day OEL, providing complete energy security at reasonable prices to North American Consumers for between 100 to 200 years. Thus the Arctic Commons abyssal is a potential US nation-saving energy resource that should be husbanded and protected vigorously."