Buccaneer to drill wells near Kenai

Posted: Sunday, January 16, 2011

Buccaneer Alaska, one of the oil companies trying to bring a jack-up oil rig to Cook Inlet, has plans to drill onshore for gas near the city of Kenai as early as February.

Late last month Buccaneer Alaska announced that it acquired 100-percent working interest in some 7,700 acres from multiple landowners for its Kenai Loop Project.

The Kenai Loop Project lies on a ridge between the Kenai Cannery Loop field and the Beaver Creek oil and gas field.

Buccaneer Alaska Vice President Mark Landt told attendees of the Industrial Outlook Forum at the Challenger Learning Center in Kenai Friday that the company is permitting three surface locations for drilling in that area.

He said the first well the company is planning to drill lies just north of the Walmart parking lot in Kenai.

"Our plans are advancing rapidly we're hoping to actually spud that well the end of February and first part of March," Landt said Friday.

He said the company projected roughly 50 billion cubic feet of gas potential in the entirety of the area.

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