Buccaneer Primes Alexander Bit

Buccaneer announced that the Alexander # 1 well site location has been built over the last week and the Nicklos # 1 Rig is moving in and rigging up to drill.

The Alexander # 1 well is the third well in the Lee County drilling program and is expected to spud within the next 24 hours.

The vertical component of the well is anticipated to have a total depth of 5,800' and will penetrate the Austin Chalk and Eagle Ford shale. Logs will then be run before a 1,500' – 2,500' horizontal component is drilled in the Austin Chalk formation.

The vertical component is expected to take 7-10 days to drill and the horizontal component an additional 15-18 days.

The participants in the Lee County project are as follows:

  • Participant Working Interest
  • Buccaneer Resources 52.50%
  • Sandstone Energy 38.75%
  • Megashine International Ltd 8.75%