Prodigy Alaska high bidder in lease sale

Posted: Thursday, May 08, 2003

Prodigy Alaska LLC was the high bidder in Wednesday's Cook Inlet Areawide 2003 state oil and gas lease sale, bidding a total of $415,386 on seven tracts totaling 21,120 acres.

While Prodigy was the high bidder in terms of dollars, the four-member investing pool of Douglas A. Barr, Daniel K. Donkel, George Kasper and Robert O. Bolt made off with the right to sign leases on the most overall territory. They took seven of the eight tracts on which they bid, totaling 26,880 acres, with successful bids totaling $134,400.

In all, nine companies bid more than $887,000 on the 27 tracts totaling 103,680 acres.

Prodigy had the high bid of the day at $191,693 and also the highest bid per acre at $33.28. Those Prodigy figures related to Tract 0420, a 5,760-acre piece in the middle of the Gompertz Channel roughly between Tyonek and Point Possession. Prodigy's other tracts were in the same general area.

The Barr, Donkel, Kasper and Bolt group took tracts spread out across the sale area, including some on land and some in the inlet.

The minimum acceptable bid on any tract was $5 per acre. The average high bid was $8.51 per acre.

The following is a list of the bidding groups, the tracts won and the total of high bids submitted by them. Tracts ranged in size from 5,760 acres down to 2,560 acres.

Daniel K. Donkel, Kenneth A. Mehaffy, 2 tracts, $57,600;

Barr, Donkel, Kasper, Bolt, 7 tracts, $134,400;

Forest Oil Corp., 3 tracts, $56,396.80;

Marathon Oil Co., 1 tract, $34,732.80;

Monte J. Allen, 1 tract, $30,355.20;

Monte J. Allen, Laurel Basset, Mary Azalea,1 tract, $31,795.20;

Pelican Hill Oil and Gas Inc., 3 tracts, $65,740.80;

Prodigy Alaska LLC, 7 tracts, $414,385.60;

Unocal, 2 tracts, $60,652.80.

All leases will have a state royalty rate of 12.5 percent. Leases will have an initial primary term of seven years, with annual rental rates rising each year from $1 per acre in year one to $3 per acre in the fifth and following years.

The acreage include in Wednes-day's sale covered an area lying between Houston and Homer in the north and south, and the Chugach and Kenai Mountains in the east and the Aleutian Range in the west. The boundaries covered portions of the Kenai Peninsula Borough, the Matanuska-Susitna Borough and the municipality of Anchorage and included 815 tracts.

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