Caelus estimates it will be able to recover about 30% to 40% of that oil -- making the discovery one of the largest ever in Alaska. "It has the size and scale to play a meaningful role in ...

Caelus' initial estimate is $8 billion to $10 billion, but these numbers tend to grow. The remote location of the discovery is the big challenge, as Caelus appreciates.

Caelus owns 75 percent of the leases at Smith Bay. NordAq Energy Inc. holds 17.5 percent and L71 Resources holds 7.5 percent. The company's chief executive, Jim Musselman, said in the statement ...

Caelus said that if the discovery turns out to be real, the field would be more fertile than the Alpine unit run by ConocoPhillips, Alaska's largest oil producer, which began production in 2000 ...

Caelus Energy, the company behind what could be Alaska's biggest oil discovery since the 1960s, will not be drilling a well to confirm the find this winter, as originally planned.

When privately held Caelus put out its announcement about Alaska this month, however, a couple of issues were left in the fine print: It's going to take at least five years and more than $8 ...