Buccaneer wins gas sales contracts

Buccaneer Energy Limited announced Tuesday that it has landed two short-term gas sales contracts for Cook Inlet gas productions.

The names of the buyers have not been disclosed, but one is a large commercial end-user and the second is with a Cook Inlet oil producer, according to a press release.

Up to 2.0 million cubic feet of gas per day is required by the first contract and is expected to launch in mid-November for about five months. Weather conditions will determine the volume of gas to be delivered, according to Buccaneer.

In the contract with the Cook Inlet producer no volumes have been committed to and the buyer will determine deliveries. The contract is being carried out as a winter backup to guarantee the customer’s Cook Inlet oil facilities operation, the release states.

The price range for both contracts is ranged from $6.80 to $7 per thousand cubic feet, which according to the release is consistent with recent area gas sales contracts.

The new contracts are in addition to Buccaneer’s contract with ENSTAR, which supplies 9.5 million cubic feet per day at an average price of $6.50 per thousand cubic feet, according to the release.

— Staff report

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