Petro-Canada high bidder on Alaska slope $8.5 million bid on tracts of a million acres

The Journal Record | May 2, 2002 | Copyright

ANCHORAGE (AP) -- A Canada company active in Mackenzie Valley natural gas exploration helped set a record Wednesday for the most oil and gas acres leased in a single sale in Alaska.

Petro-Canada (Alaska), a wholly owned subsidiary of Petro-Canada of Calgary, Alberta, was the busiest bidder at Alaska's North Slope Foothills area-wide oil and gas lease sale, in which companies paid nearly $10.3 million for 197 tracts covering 1.12 million acres.

Petro-Canada was high bidder on all 179 tracts it bid on. The company bid $8.5 million on 1 million acres, an average cost of $8.37 per acre.

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