Buccaneer Energy Limited (ASX:BCC) Acquisition Of Additional Working Interest From Chevron Corporation (NYSE:CVX)
Buccaneer Energy Limited (ASX:BCC) Acquisition Of Additional Working Interest From Chevron Corporation (NYSE:CVX)
Sydney, Aug 24, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) ("Buccaneer" or "the Company") is pleased to advise that its wholly owned subsidiary Buccaneer Alaska, LLC has entered into a binding agreement with Chevron Corporation (NYSE:CVX) to acquire the remaining 50% working interest (2,506 net acres) that it does not already own in 2 leases on its North Middle Ground Shoal (Southern Cross Unit) structure in the Cook Inlet, Alaska.

This acquisition gives the Company a 100% WI in all the leases that cover the North Middle Ground Shoal structure, which equates to a net 10,108 acres.

Please view the following link for a fact sheet on the project and a map showing its location within the Cook Inlet, Alaska.

http://www.abnnewswire.net/media/en/docs/63582-ASX-BCC-603010.pdf

About Buccaneer Energy Limited

Buccaneer Energy Limited (ASX:BCC)Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGFQ) 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

Dean Gallegos
Director
Mob:+61-416-220-007
Ph: +61-2-9233-2520
http://www.buccenergy.com



Related Companies

Chevron Corporation       
Buccaneer Energy Limited    

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