Buccaneer Buys 14,000 Offshore Acres From Apache Alaska

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

To acquire a 100% WI in oil and gas leases totaling 14,353 acres and adjoining the existing Cosmopolitan Project.

Buccaneer Energy Ltd. executed binding agreements with Apache Alaska Corp. to acquire a 100% working interest in four state of Alaska oil and gas leases totaling 14,353 acres.

The financial terms of the transaction are confidential but are not material to Buccaneer. The tracts adjoin the existing Cosmopolitan Project in which the Buccaneer has a 25% working interest.

Cosmopolitan is an undeveloped oil and gas field in 84 feet of water in the Cook Inlet.

BlueCrest Energy holds the remaining 75% working interest in the existing Cosmopolitan Project. Buccaneer has offered BlueCrest the 75% working interest in the leases under the same terms as the Buccaneer, pursuant to the terms of its agreement with BlueCrest.

The company thinks that the leases have the potential to contain new reserves associated with the Cosmopolitan geological structure. The new lease numbers are ADL 391899, 391902, 391903 and 391904.