Buccaneer Energy Ltd. (fka BCGFQ)

[Lottalead]

Buccaneer Energy Limited (ASX:BCC) New Gas Sales Agreements
ABN NewswirePress Release: ABN Newswire – 6 minutes ago

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Companies:

Buccaneer Energy Limited
BUCCANEER ENERGY

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BCC.AX 0.048 +0.003

Sydney, Australia, Oct 22, 2013 - (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC.AX - News) (OTCMKTS:BCGYF - News) ("Buccaneer" or "the Company") is pleased to advise that it has executed two short-term gas sales contracts.

The first contract requires up to 2.0 million cubic feet per day ("MMCFD"), and was executed with a large commercial end-user. This contract is anticipated to commence mid-November 2013 and last for a period of approximately 5 months. Gas volumes to be delivered under this contract will be dictated by weather conditions.

The second contract is with a Cook Inlet oil producer. This contract is being executed as a backup during the winter months to ensure operation of their oil facilities in the Cook Inlet. No specific volumes have been committed to, and deliveries will be dictated by the requirements of the customer.

Pricing of both contracts is consistent with recent gas sales agreements in the area, and sits in the range of US$6.80 - US$7.00/MCF.

These new gas sales contracts are in addition to existing long-term contracts with ENSTAR, under which the Company is supplying 9.5 MMCFD at an average weight price of approximately US$6.50/MCF.

About Buccaneer Energy Limited:

Buccaneer Energy Limited (ASX:BCC.AX - News) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.

The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:

- Assets with attractive economics;
- Assets that have existing infrastructure in place that can be accessed;
- Assets near a commercial market that has been de-risked; and
- Assets that have multiple stacked pay targets.

Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.

Contact:


Buccaneer Energy Limited
T: [phone]
F: [phone]
WWW: www.buccenergy.com


Source:

Buccaneer Energy Limited

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