CIRI invests alongside Doyon in Nenana basin oil and gas exploration

Rig PhotoDoyon, Limited (Doyon) and Cook Inlet Region, Inc. (CIRI), both Alaska Native Regional corporations, announce CIRI’s investment alongside Doyon in the current oil and gas exploration of the Nenana basin in the Central Interior of Alaska. Earlier this summer, Doyon announced the commencement of drilling at its Toghotthele #1 exploration well. CIRI joins Doyon in its investment and efforts to locate commercial hydrocarbons in the Nenana basin.

Doyon, headquartered in Fairbanks and Alaska’s largest private landowner, has been actively exploring for oil and gas resources in the Nenana basin for more than a decade. It has acquired modern seismic data and drilled two exploration wells in the basin to date.

CIRI, headquartered in Anchorage and Southcentral Alaska’s largest private landowner, has been active in the oil and gas activities in the Cook Inlet basin for more than 40 years as a lessor, royalty owner, and, at times, a working interest owner, co-venturer and explorer.

Doyon spud the Toghotthele #1 well on June 1. CIRI joins that effort, as well as Doyon’s broader exploration of the Nenana basin.

“We are excited about this new partnership with a fellow Alaska Native corporation,” said Sophie Minich, president and CEO of CIRI. “The Nenana basin offers a promising opportunity to meet the energy needs of interior Alaska and provide additional benefits to our shareholders.”

“We are beyond pleased to be partnering with CIRI in our exploration efforts,” said Aaron Schutt, president and CEO of Doyon. “CIRI’s commitment speaks to the potential of a commercial-sized oil or gas find in the Nenana basin and their confidence in our efforts so far.”

Doyon is the sole lessee of approximately 400,000 acres of State of Alaska leases in the Nenana basin and owns the subsurface mineral interests to an additional 42,000 acres.