Buccaneer Energy Ltd. (fka BCGFQ)

[geopressure]

Perhaps there is a reason Curtis has been making the rounds with the politicos in Alaska.

This is because the State of Alaska is paying for the well... Buccaneer will break even before the well is ever produced - or actually owe on a small percentage (maybe 10%) of the total exploration cost...

Buccaneer owns the rig, they can carry a rig-rate of approximately $160K/day (that they never have to pay because they own the rig)... However, the state of Alaska who has agreed to pay for 50% of the drilling cost will refund 1/2 of $160K/day. The State of Alaska also pays for 50% of all 3rd Party service company products, services, and rentals. So, as long as Buccaneer's 1/2 of all the 3rd Party service company products, services, and rentals does not exceed $80K/day, then Buccaneer is getting a free well... Worse case scenario & BCGYF will only have to pay for 5% to 10% of the total drilling cost.