Buccaneer acquires additional interest

Buccaneer Alaska LLC has entered a binding agreement with Chevron Corp. to acquire the remaining 50 percent working interest (2,506 net acres) that the company does not already own in its North Middle Ground Shoal structure in Cook Inlet.

Buccaneer said Aug. 24 that the acquisition gives the company 100 percent working interest in all the leases covering the North Middle Ground Shoal structure.

Buccaneer acquired the initial leases from Stellar Oil and Gas in March and since then has expanded its lease position from a net 1,280 acres to a net 10,108 acres. The company said it now owns the lease on which the Pam Am A-1 well (MGS State 18743-1) was drilled in 1964 and which flow tested gas at more than 3 million cubic feet per day in the Lower Tyonek formation from one of three gas intervals identified on drilling logs. Buccaneer said the well also had significant oil shows in the Hemlock formation at the bottom of the well.

The company said it has submitted a unit application and has begun the permitting process for drilling.

—Petroleum News