Buccaneer Resources filed for bankruptcy protection Saturday in Texas, saying it wants to remain in business nonetheless.
The company produces some gas in the Cook Inlet however state officials have said they do not expect the Buccaneer filing to impact the inlet energy development.
Buccaneer created a name for itself with the ‘Endeavour’ jack-up rig, which was stranded in Homer for 7 months, accruing $500,000 in harbor fees. The state funded rig was only supposed to spend a few days in port for repairs.
The company’s onshore wells continue to produce, though they’ve also encountered litigation over production rights in the Kenai Loop 1-1 and 1-3 wells, dating back to February 2013.
