NEWS BULLETIN

May 26, 2010 --- Vol. 16, No. 44May 2010

Buccaneer acquires additional Cook Inlet acreage

Buccaneer Energy Ltd. said today that its wholly owned subsidiary Buccaneer Alaska LLC has entered into a binding agreement to acquire between a 50 percent and 100 percent working interest in four leases on the North Middle Ground Shoal structure in Cook Inlet.

Buccaneer said the acquisition consolidates ownership on the geological structure with a lease previously acquired from Stellar Oil & Gas LLC and gives Buccaneer “a controlling position on this low risk opportunity.”

Buccaneer said the new acreage includes a well drilled in the 1960s by Pan American that tested at 3.4 million cubic feet per day of gas. That production rate was from one of three identified gas lobes penetrated by the well in the Upper Tyonek formation. The company said oil was tested in the Lower Tyonek, but the discovery was not considered commercial at the time due to low commodity prices.

Buccaneer acquired a 50 percent working interest in leases ADL 391108 and ADL 17595-2; it acquired 100 percent working interest in ADL 390379 and 390370.

Chevron holds the remaining 50 percent working interest in ADL 391108 and 390370.

Buccaneer was apparent high bidder on three other Cook Inlet leases at this morning’s lease sale.

Editor’s note: See story in the May 30 issue of Petroleum News, available online to subscribers at noon Alaska-time on Friday, May 28.


Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.PetroleumNews.com
S U B S C R I B E

CLICK BELOW FOR A MESSAGE FROM OUR ADVERTISERS.