Exploration in Alaska continued at a high level during 1964 with emphasis placed on the Cook Inlet basin and on the Arctic slope. More than nine crew-years of geophysical work were completed in seven Alaska basins or geologic provinces. The opening of new State and Federal lands for leasing on the Arctic slope has stimulated exploration in this area.

Twenty-three exploratory wells were drilled during 1964, resulting in the discovery of two new gas fields, one new-pool extension of gas, and one new-pool extension of oil. Three of the discoveries were located in the Cook Inlet basin and one on the Arctic slope.

State and Federal competitive land sales in 1964 resulted in offers of more than $17 million in bonuses for lands located primarily in the Cook Inlet basin and the Arctic slope.

Exploration in the Copper River basin continued at a low rate and little exploration interest was shown in other interior basins in 1964.

Development drilling is expected to increase during 1965 from the low of two completed wells in 1964. Exploration is expected to continue at 1963-64 levels during the coming year.