An affiliate of New York-based investment and private equity firm Signal Capital Management has stepped up its involvement in the domestic US oil and gas sector by signing a letter of intent to acquire and develop the largest undeveloped domestic oil and gas field, located in Alaska.
Signal, in partnership with a large foreign oil and gas concern, is partnering with Houston-based Escopeta Oil to develop and further explore a 111,000 acre shallow-water offshore find that may hold in excess of 1.2 billion recoverable barrels of light crude oil and eight trillion cubic feet of natural gas.
Shane Rodgers, chief executive of Signal, says the company and its partners will develop the field to an eventual 150,000 barrels of oil equivalent per day capacity over the next five years, commencing with a development drilling programme commencing early 2011.
