In a September 15 announcement, Miller Energy Resources Inc. detailed a letter of intent to purchase all Alaskan operating assets of Buccaneer Energy.
That purchase would go for approximately $40-50 million and Miller has said it would fund the purchase “with its existing facilities or other borrowers.”
As we previously reported, Buccaneer Energy Ltd. has left the state of Alaska with $2.1 million worth of debt.
The Australian independent filed for bankruptcy in a Texas court and the Alaska Department of Revenue was listed as Buccaneer’s ninth-largest creditor in court documents. Buccaneer owes the DNR a little over $605,000.
Much of the rest of the debt is owed to private Alaskan enterprises like Mayflower Remote Services, which provides catering and housekeeping in Kenai. Buccaneer owes the small business $96,800 for services provided during the Endeavour debacle in Homer in 2012. The company says Buccaneer was consistently late on payments, an allegation KSRM heard from other companies at the time.
In December 2012, Buccaneer fired Archer Drilling as project manager for the repair of the Endeavor. Archer sued over a breach of contract and required $6 million in overdue payments for services. Buccaneer filed a counterclaim.
The decision for Miller to purchase Buccaneer’s remaining assets is still pending and requires the approval of board members.