Cosmopolitan acquisition

An article in the Aug. 19, 2012 issue of Petroleum News (“Buccaneer closes on Cosmopolitan”) said Buccaneer Energy Ltd. and BlueCrest Energy Inc. had “closed on their acquisition of the Cosmopolitan prospect,” giving the impression the deal was completed. While the two companies have “executed final closing documents” with Cosmopolitan owner Pioneer Natural Resources Alaska Inc., those documents remain in escrow while a lender reviews the project, as noted in the article. Both Buccaneer and Pioneer told Petroleum News they anticipate final closing before the end of August.