Alaska Venture Capital Group LLC

Alaska Venture Capital Group LLC has retained Tudor, Pickering, Holt & Co. to seek a buyer or a financing partner to develop its operated North Slope Mustang discovery and to explore and develop its other North Slope Alaska assets.

Alaska Venture Capital Group is seeking a strategic or financial partner to fund all or part of the remaining drill and completion costs to develop the discovered Mustang field and the adjacent Appaloosa structure, as well as additional development targets identified on the approximately 100,000 acre gross operated, 50,000 acre net position.

First oil from Mustang is expected early 2014. DeGolyer & MacNaughton resource evaluation for Mustang reports gross proved reserves of 25 million barrels. Proven plus probable reserves total 44 million barrels, or 17 million barrels net.

In addition, AVCG has identified over 110 MMbbls gross estimated resources as near development fields including Mustang. An additional 0.5 billion barrels net of seismically supported exploration targets have also been delineated – a great deal of these targets can be tested synchronously with the development activities. In addition to conventional targets, a significant portion of acreage is believed to lie in the sweet spot for shale oil potential.

AVCG’s wholly owned subsidiary Brooks Range Petroleum Corp. is the operator on the 100,000 gross acres. All the acreage is on State lands and is positioned close to existing fields and infrastructure. The team based in Anchorage have a lengthy track record of operating on the Slope.

Brooks Range successfully ended the 2012 drilling season achieving all their goals and staying within budget. This coming winter’s operations include constructing a gravel road, gravel pad, commencing off-site fabrication of the production facilities and finalizing all remaining permits to achieve first oil in 2014.

For further information contact Danny Rathan, 713-333-7184, drathan@tudorpickering.com.