Glacier Oil & Gas, a privately-held, independent oil and gas company with assets in Cook Inlet and the North Slope, has been sold to Pontem Energy and Sweat Equity Partners of Texas. Glacier Oil & Gas has been producing in Alaska for 25 years, and the company has produced more than 31 million barrels of oil. It may have about 9 million barrels remaining of proven reserves.
Glacier’s focus is solely on Alaska — operating both onshore and offshore oil assets in the Cook Inlet at the West McArthur River Unit as well as off the Osprey Platform at the Redoubt Unit. Additionally, Glacier operates the Badami Unit on the North Slope. Glacier operates all its fields and owns drilling, production and transportation infrastructure associated with its fields.
Pontem Energy Capital is an investment group founded by three energy operations and principal investing partners. Sweat Equity Partners is family of companies in software, clean technology, property technology and domestic energy; both are based in Texas. The president of Sweat Equity Partners, Andrew White, ran for the Democratic nomination for governor of Texas, winning a position in the May 2018 run-off election. He later promoted something he called a “handshake holiday,” in this op-ed, as part of his response to the Covid pandemic.
There goes another source of oil production. The money to purchase probably came out of the $1.7T budget. Oh well, Lisa Murkowski will just get more money from Biden and pay people not to work.
Try using evidence and reason more often Jim. You’ll be surprised at the results.
Investing in AK energy production is a fools errand while the progressives run Biden.
Unless they have promised 10% to the big guy to let them actually produce.
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