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Buccaneer Energy Sells Assets Offshore Alaska For $65.2 Million

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January 2, 2014

Buccaneer Energy Ltd. (OTC: BCGYF) executed binding agreements to sell certain assets in its Alaska operations totalling US$65.2 million, the Houston-headquartered company announced Jan. 2.

The company executed a sale and purchase agreement with BlueCrest Energy Inc. to sale 25% interest in the Cosmopolitan project located offshore Alaska in the Cook Inlet for US$41.25 million including the repayment of a US$1.25 million bond.

As part of the transaction, BlueCrest executed a rig assignment agreement where it has agreed to use the Endeavour jack-up rig for a minimum of 150 days ...

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