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