Purchases Interest in MacKenzie Delta Licenses From Alberta Energy Company
(AEC); Anadarko Now Better Positioned to Provide Arctic Natural Gas to North
American Markets
HOUSTON, Aug. 31 /PRNewswire/ -- Anadarko Petroleum Corporation
(NYSE: APC), through its wholly owned subsidiary, Anadarko Canada Corporation,
today announced significant expansions of its holdings in the hydrocarbon-rich
MacKenzie Delta Basin region of Canada's Northwest Territories.
Anadarko has purchased a 37.5 percent working interest in two exploration
licenses in the MacKenzie Delta region from Alberta Energy Company Ltd. (AEC)
of Calgary. The licenses cover 530,000 acres. The purchase price was not
disclosed.
In a separate transaction, AEC Oil & Gas [USA] Inc., a wholly owned
subsidiary of Alberta Energy Company Ltd., purchased from Anadarko a
33.33 percent working interest in Alaska North Slope acreage held under
exclusive lease option by Anadarko. The lease covers 3.1 million acres under
option from the Arctic Slope Regional Corporation (ASRC) in the Foothills
region south of Prudhoe Bay. The purchase price was not disclosed. Anadarko
will serve as operator, with a 66.67 percent working interest.
"Increasing our Canadian holdings in the MacKenzie Delta fits our long-
term strategy of providing natural gas to North American markets," said Robert
J. Allison, Jr., Anadarko Chairman and CEO. "We believe Arctic gas will find
its way to Canadian and American consumers through one or more of the
pipelines being proposed from Canada and Alaska. Because Anadarko also holds
a significant acreage position on the Alaska North Slope, this purchase puts
us in a better position to have gas available for delivery into whatever
pipeline is ultimately built, whether from Alaska or Canada or both."
Allison added: "We're pleased to have Alberta Energy as a partner in our
ASRC holdings in Alaska. Their experience in the Canadian Rockies should
apply to the Foothills and complement our own expertise in Alaska."
The 37.5 percent working interest in the MacKenzie Delta purchased by
Anadarko from AEC consists of two onshore blocks adjacent to the natural gas-
rich Parsons Lake Field. Alberta Energy serves as operator, with a 37.5
percent working interest in the two blocks; Gulf Canada owns the remaining 25
percent.
The purchase from AEC augments Anadarko's other Canadian Arctic holdings.
These consist of non-operated working interests ranging from 3.4 percent to
24 percent in 10 significant discovery licenses and one production license,
which combined cover more than 142,000 acres. This acreage includes the
Amauligak Field, the largest offshore field in the Canadian portion of the
Beaufort Sea.
In another development, Anadarko Canada Corporation submitted a successful
bid for an exploration license on one of the MacKenzie Delta/Beaufort Sea
tracts offered in the August 14, 2000 lease sale by the Minister of Indian
Affairs and Northern Development. Anadarko acquired a 100 percent working
interest in Exploration License No. 407, which is centrally located in a
region where 53 fields with reserves of 9 trillion cubic feet of gas and 1
billion barrels of oil already have been discovered. Exploration License
No. 407 covers about 176,000 acres and is immediately northwest of the giant
Taglu Field and near the AEC/Anadarko MacKenzie blocks mentioned above.
Except for historical information, all other information in this
presentation consists of forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties which could cause actual
results to differ materially from those projected, anticipated or implied.
The most significant of these risks and uncertainties are described in
Anadarko's SEC filings and reports and exhibits to those reports, and include
(but are not limited to) the costs and difficulties related to the integration
of acquired businesses, commodity pricing and demand, exploration and
operating risks, development risks, and the costs and other effects of
governmental regulation and legal and administrative proceedings. Anadarko
undertakes no obligation to publicly update or revise any forward-looking
statements.
SOURCE Anadarko Petroleum Corporation
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CONTACT:
analysts and investors, A. Paul Taylor, Jr.,
281-874-3471, or David R. Larson, 281-874-3265, or media, Tony
Canino, 281-873-3855, or Anne Pearson, 281-876-8368, or Canadian
media, Nadine Barber, 403-231-0509, all for Anadarko Petroleum
Corporation
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