Buccaneer Energy Ltd. (fka BCGFQ)

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BCC.ax/BCGYF - Buccaneer in the news...

http://www.ktuu.com/news/ktuu-buccaneer-energy-set-to-strike-oil-20130620,0,5103857.story

Buccaneer Energy Set to Strike Oil

ANCHORAGE, Alaska—

Buccaneer Energy received news from oil and gas consulting service, Netherland, Sewell & Associates, that has the company quite pleased, according to CEO Curtis Burton.

Estimated numbers released by the consulting group show that Buccaneer could have up to nearly 96 million barrels of oil equivalent (MMBOE) in their North Cook Inlet properties.

Topics
Petroleum Industry

“It’s a huge number,” Burton said. “And what makes it unusual for this kind of report is that the [possible] number is 95.9 million barrels. [This] is of course kind of the blue skies number.”

According to Burton, Buccaneer’s jack-up rig, Endeavor, is making all of this possible.

“It’s the first time in over 30 years that a rig has been there that’s capable of working all over the Cook Inlet.”

The company’s Cosmopolitan property has been drilled previously by different companies, but the full potential was not reached, Burton said.

“The thing that has made a huge difference and the reason we have the property today is that the prior owners didn’t have a jack-up rig. They had no way to drill Cosmopolitan except from the beach, and those were very expensive wells. They didn’t have a technical way to access what this rig has done to allow us to go into Cosmo.”

Burton said beyond the good oil projections, his company is excited for what this will mean for Alaska.

“We’re not the big guys. We’re just the little guys. We’re there to create jobs, we’re there to create environmentally friendly energy, and we’re there to help expand the tax base.”

Buccaneer’s Endeavor rig is currently drilling the Cosmopolitan property and will next move to the north and northwest Cook Inlet properties.