Caelus Energy, a privately-held exploration and production company, entered the Alaska market with an agreement to purchase Pioneer Natural Resources Alaska’s subsidiary on the state’s North Slope, near Point Barrow and Prudhoe Bay. Gov. Sean Parnell said Caelus is expected to invest $1.5 billion in Alaska over the next six years.

"This announcement is great news for Alaskans and our economy,” Gov. Parnell said. “Alaska is no longer an afterthought when companies look at places to invest. We can look forward to continued growth and more companies investing in our state. The More Alaska Production Act is already leading to new jobs and opportunities for Alaskans. Simply put – it’s working.”

James C. Musselman, President of Caelus Energy Alaska cited Alaska’s geologic opportunity and the More Alaska Production Act as reasons for the investment. He said, “we are attracted to Alaska because of the enormous geologic opportunity as well as the incentives, such as SB 21, that the state has put in place to encourage energy investment by independent oil and gas companies,” Musselman said.

"We are excited to enter the North Slope through the purchase of Pioneer's assets. The current Pioneer Alaska team is very impressive and has the experience to develop the significant resource potential they have identified and help us grow the business in the future. We are attracted to Alaska because of the enormous geologic opportunity as well as the incentives, such as SB 21, that the state has put in place to encourage energy investment by independent oil and gas companies, Musselman said.