Buccaneer Resources, LLC Names Ron Huff Chief Financial Officer
HOUSTON--()--Buccaneer Resources, LLC, a wholly owned subsidiary of Australian listed Buccaneer Energy Limited (ASX: BCC), is pleased to announce that Ron Huff has been appointed as Chief Financial Officer (CFO), effective 9 July, 2012.
“Coming in at this stage to begin focusing on moving Buccaneer to the next level will be both challenging and rewarding for all of us and I am looking forward to making my contribution.”
Mr. Huff has over 30 years of financial experience in the energy industry, most recently serving as the CFO of EdgeMarc Energy Holdings, a private equity Exploration & Production company focused in the Marcellus and Utica plays in the Appalachian Basin. He has also worked for other well-known U.S. based firms as Atlas Energy, Aurora Oil & Gas Corp and Transco.
"We are very pleased that Ron has joined Buccaneer Resources as CFO," said Curtis Burton, CEO, Buccaneer Energy. “Buccaneer has been seeking to strengthen its finance capability in its U.S. operational office to cater to what is expected to be a high level of activity and growth over the next 3 years. Ron will be instrumental in ensuring Buccaneer’s continued rapid growth as a leading independent, operating in Alaska, Texas and the Gulf Coast. His experience in corporate financial management will most certainly complement our existing management team and serve our growth strategy extremely well.”
Mr. Huff has completed in excess of $700 million in financings during his career including leading Aurora Oil & Gas Corp.’s first public equity offering, raising $60 million and securing a listing on the American Stock Exchange. He developed processes, procedures, models, and reporting structures to prepare Visual Edge Technology Inc. for rapid growth and he established and developed a private equity firm, TriMillennium Ventures LLC. Ron also directed a merger and acquisitions program for Belden & Blake Corporation that completed 14 major acquisitions that grew the company’s revenue 1,000% and increased market capitalization from $25 million to $400 million in five years, which delivered 40% compounded annual returns to shareholders.
“I am very excited to take on this responsibility and look forward to working with the team to help build a dynamic and growth-oriented company,” said Ron Huff, CFO, Buccaneer Resources. “Coming in at this stage to begin focusing on moving Buccaneer to the next level will be both challenging and rewarding for all of us and I am looking forward to making my contribution.”
Buccaneer Energy Limited is an Australian listed company focused on developing its 100% owned oil & gas assets in Alaska. The Company's flagship projects are a series of onshore and offshore developmental and exploration prospects in Alaska’s Cook Inlet.
Buccaneer Energy has a three pronged cash flow strategy:
- Developing the 100% owned Kenai Loop onshore gas project with independently assessed 4.8 MMBOE1 in 2P Reserves;
- Operating an offshore Jack Up rig for use by third parties in the Cook Inlet; and
- Developing its 100% owned offshore Cook Inlet projects that have independently assessed 73.3 MMBOE in 2P Reserves / P50 Resources using the acquired Jack Up rig.
Buccaneer Energy has a 50/50 joint venture with Singaporean based Ezion, a leader in the development, ownership and chartering of strategic offshore assets and the Alaska Industrial Development and Export Authority ("AIDEA"). This joint venture has acquired the Jack Up rig “Endeavour” which is capable of drilling in all areas of the Cook Inlet, the Beaufort Sea and the Chukchi Sea. Mobilization of Endeavour into the Cook Inlet is expected in 2012.
The Alaskan Government is supportive of oil and gas in the Cook Inlet. There are a number of fiscal incentive programs for exploration and development in the Cook Inlet. Buccaneer has drilled the onshore Kenai Loop #1 well. The well was tested to have a flow rate of 6 – 8 mmcfd (750 - 1,000 BOEPD1); the Company constructed both the pipeline and facilities at Kenai Loop, and the well started production and selling gas in early January 2012. The Company plans to drill Kenai Loop #4 in 2012. Full development of the onshore Kenai Loop field could exceed 10 producing wells. Buccaneer Energy also has major working interests in two producing projects in Texas, USA. Pompano is an offshore gas project located in the Gulf of Mexico, drilled by Buccaneer in 2008 and has an additional pipeline of ‘drill-ready’ gas prospects. Lee County is an onshore oil project, currently producing a small amount of oil.