Oil & Gas Journal reports on Buccaneer's acquiring a 25% operated working interest in the two main productive leases in the former Cosmopolitan Unit in Alaska’s Lower Cook Inlet from Pioneer Natural Resources Alaska Inc.  Cosmopolitan is an undeveloped oil and gas discovery in 50 ft of water just off Anchor Point on the Kenai Peninsula. Buccaneer said the acquisition will hike the company’s proved and probable reserves in Alaska 79% to 31.1 million bbl of oil equivalent.

Australia's Buccaneer Energy has teamed up with a privately owned US company to purchase an undeveloped oil and gas field in Alaska's Cook Inlet for an undisclosed sum, it said in a statement Thursday.

Under the terms of the deal, Fort Worth, Texas-based BlueCrest Energy II will acquire a 75% interest in the Cosmo field, with Buccaneer taking a 25% stake and assuming operatorship of the project. The acquisition is due to be settled on March 30, 2012. Click here to read story in Platt's