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Explore, Discover & Develop.
Buccaneer is an upstream oil and gas company. It specialises in the development and expansion of behind-pipe proved and probable reserves and low-risk exploration plays with growth potential. Buccaneer’s growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low-cost, low-risk development properties that possess a significant undeveloped upside.

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Ruby

WI (operator):	25% Buccaneer 75% Energy XXI (operator)
Location:	Louisiana state waters
Water Depth:	~ 50 ft.
Engineer:	Ralph E. Davis Associates, Inc. (6/18/08)
Production:	Estimated initial rate of 5-10 mmcfd
Work Plan:	1 well to test a Tex W PUD and Deeper Cib Op potential with 14 bcf of 2P PUD potential and unrisked P50 Cib Op potential of 40 bcf
In General:	Ruby is a Miocene field extension with proven gas and condensate objectives. The field has already produced 1.1 tcfe. 'Tex W ' consists of a stacked group of highly productive sands (12,500 ft.); recovery from nearby wells has ranged from 5-30 bcf
Operational Simplicity (drill-ready, rapid develop.):	Prior production/PUDs: Field has already produced 1.1 tcfe. 1 well location with PUDs. Infrastructure: Access to existing production infrastructure is available. Identified targets: 1 current objective. Simple working environment Other: Operator is a large independent.
Technical Soundness:	The Cockrell No. 1 well located 2,500 feet to the west of Buccaneer 's planned well produced 29 BCF and 788 MBO from 40 feet of stand. In addition, the Shell 36D well, located down dip of the Cockrell well, produced 5.7 Bcf and 198 MBO from the same zone. An external energy consulting firm analyzed the reserve potential for the Ruby Project and reported that that the project was viable with minimal risk based on log shows, 3D seismic technology and historical production.
Multiple Pays:	If the Company 's first well is successful it is likely to prove up 2-3 additional PUD locations. A deeper exploration target in an existing production trend will be tested in the first well.

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