New funds for Buccaneer to fund development of projects
HOUSTON - Buccaneer Energy is pleased to announce that it has finalized a $5 million credit facility with Macquarie bank in Australia.
This initial tranche of funding is part of a significantly larger facility being negotiated. The capital will supplement the company's excellent cash flow coming from the two recently drilled wells producing on the Pompano project.
All the funds will be used to continue development of Buccaneer's Pompano and other projects.
Macquarie bank is one of the largest banks in Australia and is an ideal partner for Buccaneer Energy.
In addition to the credit line, Macquarie has received a small number of unlisted options in the company that mature at a $0.40 share price.
"Using Macquarie to supplement our cash flow from production is just one more step in executing our business plan," said Curtis Burton, CEO of Buccaneer Energy.
"Our current cash flow from production, combined with external capital, will allow Buccaneer to rapidly diversify its production and augment its bottom line much more rapidly than simply progressing development on the basis of cash flow."
Buccaneer Energy is off to a running start. After going public in November 2007, the company successfully drilled two wells and put them into production within the first six months of operation as a public company.
The company also has outlined an aggressive drilling program that could include up to eight more wells before the end of 2008.
For more information on Buccaneer and upcoming projects, visit www.BuccEnergy.com.
About BuccaneerBuccaneer Energy's wholly owned subsidiary Buccaneer Resources is based in Houston, Texas, and is an upstream oil and gas company. It specializes in the development and expansion of behind-pipe proved and probable reserves and low-risk exploration plays with growth potential.
Buccaneer's growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low-cost, low-risk development properties possessing significant undeveloped upside.
About MacquarieMacquarie Group Limited (formerly Macquarie Bank Limited) is an Australian merchant bank and financial services group that provides a broad range of products and services to investors, corporations and government.
Its global headquarters are located in Sydney, and it is listed on the Australian Securities Exchange (ASX). It is the only large, majority Australian-owned investment bank.
Buccaneer Resources, HoustonKen Hooper, 713-780-1243
HOUSTON - Buccaneer Energy is pleased to announce that it has finalized a $5 million credit facility with Macquarie bank in Australia.
This initial tranche of funding is part of a significantly larger facility being negotiated. The capital will supplement the company's excellent cash flow coming from the two recently drilled wells producing on the Pompano project.
All the funds will be used to continue development of Buccaneer's Pompano and other projects.
Macquarie bank is one of the largest banks in Australia and is an ideal partner for Buccaneer Energy.
In addition to the credit line, Macquarie has received a small number of unlisted options in the company that mature at a $0.40 share price.
"Using Macquarie to supplement our cash flow from production is just one more step in executing our business plan," said Curtis Burton, CEO of Buccaneer Energy.
"Our current cash flow from production, combined with external capital, will allow Buccaneer to rapidly diversify its production and augment its bottom line much more rapidly than simply progressing development on the basis of cash flow."
Buccaneer Energy is off to a running start. After going public in November 2007, the company successfully drilled two wells and put them into production within the first six months of operation as a public company.
The company also has outlined an aggressive drilling program that could include up to eight more wells before the end of 2008.
For more information on Buccaneer and upcoming projects, visit www.BuccEnergy.com.
About BuccaneerBuccaneer Energy's wholly owned subsidiary Buccaneer Resources is based in Houston, Texas, and is an upstream oil and gas company. It specializes in the development and expansion of behind-pipe proved and probable reserves and low-risk exploration plays with growth potential.
Buccaneer's growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low-cost, low-risk development properties possessing significant undeveloped upside.
About MacquarieMacquarie Group Limited (formerly Macquarie Bank Limited) is an Australian merchant bank and financial services group that provides a broad range of products and services to investors, corporations and government.
Its global headquarters are located in Sydney, and it is listed on the Australian Securities Exchange (ASX). It is the only large, majority Australian-owned investment bank.
Buccaneer Resources, HoustonKen Hooper, 713-780-1243
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