This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Buccaneer Energy’s Kenai Loop #4 Well Commences Natural Gas Production

Buccaneer Energy Limited (ASX: BCC) (“Buccaneer” or the “Company”) is pleased to advise that production from its 100% owned Kenai Loop #4 well commenced on Sunday, February 10, 2013. The Kenai Loop #4 well is currently producing at an initial rate of 2.0 million cubic feet per day (“MMCFD”).

The long term deliverable production rate from the Kenai Loop #4 well is estimated to be 3.0 – 4.0 MMCFD. Kenai Loop #4 gas production is in addition to the Company’s current production of 6.5 MMCFD from the Kenai Loop #1 well. The majority of the current total production of 8.5 MMCFD (1,400 BOEPD) is being sold to the local gas utility Enstar.

This production rate is currently limited by the installed temporary production facilities. In November 2012, the Company commenced the installation of permanent production facilities and pipeline connections at Kenai Loop; however, severe weather conditions meant that the build out of these was suspended in December 2012.

It is expected that the permanent facilities will be completed by April 30, 2013. Once permanent production facilities are in place, it is anticipated that the Kenai Loop field’s total production rate may be increased to 10.0 – 11.0 MMCFD (1,666 – 1,833 BOEPD). This represents a near 100% increase over the average production rate achieved in 2012.

“We are very pleased that we were able to put this well into service within 30 days after the successful flow test in mid-January,” said Jim Watt, President, Buccaneer Alaska. “The speed and efficiency our team displayed in going from discovery to production with Kenai Loop #4 is a testament to our learned experience and expertise working in the Alaska marketplace.”

Mr. Watt continued, “The continued success of the Kenai Loop project is very important to the overall business plan of Buccaneer Energy, and we plan to increase production from Kenai Loop #4, dependent on local gas demand.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs