Friday, August 13, 2010

Anadarko (NYSE:APC) Relinquishes 61 Alaskan Leases

Anadarko Petroleum Corporation (NYSE:APC) has relinquished 61 Alaskan leases, which together add up to 296,375 acres.

The reason Anadarko let them go is it was improbable they would be able to begin exploration on the land before the leases ran out.

Even though the region was thought to have potential for natural gas, Anadarko had already drilled four exploration wells in the Gubik region, which is approximately 60 miles north of the land they relinquished.

The Gubic area has proven gas reserves, and so is the primary focus of Anadarko in that part of the state.

The Gubic region also has much better terrain to work with, and as mentioned, more proven possibility concerning gas.

Leases from the U.S. Bureau of Land Management, which is located in the National Petroleum Reserve-Alaska, have been retained by the company.

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