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NEWS BULLETIN

May 12, 2011 --- Vol. 17, No. 43May 2011

Escopeta, Buccaneer get air permits for jack-up rigs for Cook Inlet

On May 10, Escopeta Oil and Buccaneer Energy received air quality permits from the Alaska Department of Environmental Conservation for their Cook Inlet offshore drilling programs.

Escopeta received the permit for the Spartan 151 jack-up drilling rig, specifically for its five-well program in its Kitchen Lights unit. Drilling of the first well, which is expected to have good-sized natural gas and oil targets, will commence in mid-June.

The Spartan 151 jack-up is on its way to Alaska from the Gulf of Mexico, currently headed north in the Pacific Ocean, and expected to arrive May 25 in Homer, Alaska.

Escopeta has the jack-up under lease for two years with the option to renew for another two years. The Houston independent, which just opened offices in downtown Anchorage, has an option with Spartan to purchase the rig.

In a May 10 press release Buccaneer Energy said its air quality permit was issued for four drilling locations — two in each of its Cook Inlet basin offshore units, Southern Cross and North West Cook Inlet.

“As the air quality permits are the longest lead time permits to obtain, taking a minimum 180 days, this milestone is an important step towards drilling the company’s offshore Cook Inlet projects,” Buccaneer said in its press release.

The Australian independent is in the process of purchasing a jack-up rig from Transocean.

See more in May 15 issue, available online by 11 a.m. Friday, May 13, at www.PetroleumNews.com

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