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NEWS BULLETIN

November 12, 2014 --- Vol. 20, No. 58November 2014

Great Bear files for three-well program

Great Bear Petroleum Operating LLC has filed an operations plan with the Alaska Department of Natural Resources to drill three wells this coming winter to explore for conventional oil resources and learn more about unconventional plays.

All three wells - Alkaid No. 1, Phecda No. 1 and Talitha No. 1 - would be just west of the Dalton Highway and trans-Alaska oil pipeline corridor. The proposed well locations are all southwest of the two vertical test wells that Great Bear drilled in 2012.

The drilling schedule begins in January 2015 with Alkaid No. 1 on ADL 391704, moves some three miles south to drill Phecda No. 1 on ADL 391704 and then moves some 10 miles south to drill Talitha No. 1 on ADL 391660.

DNR is taking comments on the plan through Dec. 10.

See story in Nov. 16 issue, available online Friday, Nov. 14 at www.PetroleumNews.com

- ERIC LIDJI

Hilcorp planning Blossom pad, wells

As part of its continued focus on reviving the Ninilchik unit, Hilcorp Alaska LLC wants to build a new pad at the Cook Inlet unit and drill as many as two exploration wells.

The proposed Blossom pad would be a mile north of the existing Grassim Oskoloff pad at the onshore unit along the coastline of the southern Kenai Peninsula near Ninilchik.

The proposed 2.8-acre pad would sit on private land outside the unit but would directionally target shallow offshore gas reserves within the unit. The reserves cannot be reached from existing pads due to "geometry considerations," according to information from Hilcorp.

See story in Nov. 16 issue, available online Friday, Nov. 14 at www.PetroleumNews.com

- ERIC LIDJI

Court approves Buccaneer reorganization

A federal bankruptcy court has approved a reorganization plan for Buccaneer Energy Ltd., which allows the bankrupt company to move toward a vote in December.

Creditors now have until Dec. 2 to approve or reject the plan or to formally object to it.

If all proceeds as planned, Buccaneer would have until Dec. 5 to report on the results of the vote. The court has scheduled a hearing for Dec. 8 to potentially finalize the plan.

Additionally, on Nov. 7, Buccaneer closed on a sale of its Cook Inlet assets to AIX Energy LLC, its largest creditor, according to a filing from Buccaneer's lawyers.

The sale price was $44 million in the form of credits owed by Buccaneer.

- ERIC LIDJI

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