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Providing coverage of Alaska and northern Canada's oil and gas industry
March 2014

Vol. 19, No. 11 Week of March 16, 2014

Buccaneer starting restructuring process

Buccaneer Energy Ltd. is hiring a third party to help with financial restructuring.

The Australian independent said it recently brought on Conway MacKenzie Inc. “to assist the company in its financial management and evaluation of strategic alternatives.”

As it tries to pay its debts and funds its workload, Buccaneer recently said it is considering both “asset sales” and the use of State of Alaska exploration credits.

Over the past few months, Buccaneer relinquished its offshore Southern Cross and Northwest Cook Inlet units and suspended drilling at the onshore West Eagle unit after drilling a dry hole. The company also recently sold some subsidiaries and assets.

—Eric Lidji






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