Buccaneer Energy Files for Bankruptcy

Aaron Selbig

    The state agency that put big money into Buccaneer Energy’s Cook Inlet efforts over the last few years is not happy with the company’s recent bankruptcy filing.

     In a news release Wednesday, officials with the Alaska Industrial Development and Export Authority said they are “disappointed” to learn of the Buccaneer Chapter 11 bankruptcy filing. The agency said that when AIDEA (AID-ah) and Buccaneer began working together over four years ago, their business plan was “strong” and promised development in Cook Inlet. 

     After a series of setbacks in Alaska, the Australian oil and gas company filed for bankruptcy in a Texas court Saturday. In court documents, Buccaneer listed as many as 49 creditors who are owed between 50 and 100 million dollars.  

     The court filings show the company’s largest unsecured claim is 18.5 million dollars from Kenai Offshore Ventures. KOV is the entity with which AIDEA invested with Buccaneer to acquire and own the Endeavour drill rig.  The rig is currently not in use.

     AIDEA has about $23.6 million dollars invested in KOV. In the news release, AIDEA officials said the agency is “committed to keep the rig in Cook Inlet.”