The Brookian Foreland Basin of North Alaska: …

1 Volume 43 Number 4 December 2012 Page 1 AGS Luncheon Date & Time: Dec. 13th, 11:30 am 1:00 pm Program: The Brookian Foreland Basin of North Alaska: Technology Transfer Driven Renaissance Speaker(s): Ed Duncan, President and CEO Great Bear Petroleum Operating LLC Place: BP Energy Center Reservations: Please make your reservation before noon Tuesday, Dec. 11th, 2012. Cost: Seminar only, no meal: Free Reserve a box lunch: $15 Reserve a hot lunch: $20 Lunch with no reservation: On an as-available basis only E-mail reservations: Or phone (907) 644-4429 For more information: visit the AGS website: Ed Duncan President and CEO Great Bear Petroleum Operating LLChe Brookian Foreland Basin of North Alaska is one of the world's most prolific oil producing petroleum basins.

2 In common with many other great petroleum provinces, the Basin holds a number of high quality oil prone source rock units that have delivered hydrocarbons to multiple conventional plays. Three regionally extensive source rock formations, the Triassic Shublik, Jurassic Kingak and Cretaceous Lower Hue/HRZ, have delivered more than one hundred billion barrels of oil in-place to conventional petroleum plays along the Barrow Arch of North Alaska. Though the source rock units within the Brookian Basin vary in age and depositional environment, a common burial history has aided delineation of thermal maturity defined oil and liquids rich fairways that are the targets for current unconventional exploration tests.

3 Modern drilling and completion technologies allow these prolific source rocks units to be evaluated as unconventional liquids rich reservoir targets. All three source rock intervals, perhaps individually but certainly collectively, have certain geological attributes that could lead to development of a major, long lived, unconventional oil and natural gas liquids resource province. The Shublik formation, the proven dominant oil prone source rock in the Basin and an early evaluation target, is a regionally extensive, organically rich, complex facies assemblage of black phosphatic and calcareous shales and carbonate members that are analogous to both the Cretaceous Eagle Ford formation of South Texas and Devonian Bakken formation of the Williston Basin , two basins that have set high standards for unconventional oil and natural gas liquids productivity.

4 The Kingak and Lower Hue/HRZ are more typical deep marine condensed section basinal shales and siltstones. T The Brookian Foreland Basin of North Alaska: Technology Transfer Driven Renaissance Volume 43 Number 4 December 2012 Page 2 Great Bear Petroleums initial exploration drilling program, in partnership with Halliburton, has successfully penetrated all three source rock targets. Significant effort was put into data collection with extensive whole core recovered from all three units. Great Bear collected a modest proprietary 3-D survey in 2012 and has a large, regional program set for early 2013 covering the core of our leasehold position. These seismic data have proven instrumental to our pre and post well analysis of both the unconventional and conventional resource potential of our acreage.

5 Development of source rocks as unconventional reservoirs may be the concluding punctuation mark in the exploration and development history of a petroleum Basin . Fortunately, the global unconventional resource base is vast and technology sourced value creation drivers remain in early stage development, offering promise for further improvement in efficiencies and commercialization of these world class resources .About the Speaker: Ed began his career working North Alaska regional exploration plays 30 years ago. Eds career as a Petroleum Geoscientist and Business Development Manager has been global in scope and has provided opportunities to evaluate new business across many of the worlds petroleum provinces.

6 Ed has extensive experience in full cycle commercial evaluations and has managed new country entries, Basin , plan, and prospect scale evaluations around the world. Ed and his wife, Attorney Karen Bryant Duncan, co-founded Great Bear in 2010. Great Bear is a private company focused on the exploration for, and the sustainable development and production of, unconventional resources on the North Slope of Alaska, with particular focus on the shale based oil and natural gas liquids. Having secured approximately 500,000 acres, Great Bear has established a dominant position in the heart of the unconventional play fairway south of the Kuparuk and Prudhoe Bay fields.

7 Ed possesses undergraduate and post graduate degrees in geological sciences and business. He is an active member of the Geological Sciences Advisory Council at the University of Texas at Austin, the American Association of Petroleum Geologists, the Society of Exploration Geophysics, and the European Association of Geoscientists and Engineers. From the Presidents Desk: It is that magical time of year. The length of the days (measured in hours) are just about the same as the current temperatures (measured in degrees Fahrenheit). Fortunately, the season between Halloween and the Presidents Day provides us with quite a few assorted kinds of Holidays to help us enjoy this brrrrrrr-eautiful, annual time of magic.

8 With a little luck well all have some time when were not on some sort of winter-related panic to enjoy the hoar frost, the stars and auroras to take in a little more Alaska-related geological activities. Our next several AGS presentations have both North Slope and glacial topics to maintain the wintery theme for our continued enjoyment. Although were still in 2012, its never too early to consider next Springs Technical Conference. So, please consider sharing some ideas about themes and papers or presentations for the Conference. In previous years, weve held this at UAA and it proved to be quite successful. We need to explore this possibility again. Depending on the extent of participation, the Conference will likely include some field trips.

9 Again, AGS is open to ideas, volunteers, and leaders for some field trips. Along these same lines, theres a call for Papers for the Unconventional Resources Technology Conference ( ). And theres a call for papers from the Central European Journal of Geosciences ( ) in case your interests are far afield. Closer to home, Sue Karl once again will head up the Scholarship Committee. Theres always room in case youre interested in having an up to date view of some Alaska-oriented research proposals and the people and institutions that are actively involved. Jana Lage leads the efforts to promote scientific learning for the Anchorage School District science fairs. She welcomes assistance. Also AGS will also soon have an agreement with the AAPG Search and Discovery web site that will list the AGS publications for digital sales.

10 In addition, our association to the AAPG gets the AGS a page add in the monthly Explorer publication. We typically use this to promote our Spring Tech Conference. So, AGS encourages members to consider joining AAPG as either an Active or Student member. We will soon include web links on the AGS site to AAPG, Pacific Section AAPG, GSA, UAA and UAF and USGS because they feature interesting presentations too. And please be sure to let me know if there are other important web site links we should include to assist in enriching our knowledge. Lets not get too physically or mentally complacent over the Holidays. Have a merry Christmas and happy everything else thats on your calendars. Ed Duncan, President and CEO, Great Bear Petroleum Operating LLC Volume 43 Number 4 December 2012 Page 3 Application Deadline February 1, 2013 NOTE: All required forms are due at this time.