Buccaneer Energy Ltd. and its family of subsidiaries filed for bankruptcy in May, leaving millions worth of unpaid bills in Alaska, the Peninsula Clarion (Kenai, Alaska) reported Wednesday. The Australia-based independent’s debt in the state is more than $2.1 million, according a list of Buccaneer’s 30 largest unsecured creditors filed with the U.S. Bankruptcy Court for the Southern District of Texas in Houston. The Alaska Department of Revenue is listed as Buccaneer’s ninth-largest creditor and the second-largest in the state, with a bill of $605,116 for a combination of Cook Inlet oil and gas lease payments and production royalty payments. Overall, Buccaneer owes about $33 million to its 30 largest creditors. The company has kept current on its lease payments for three Kenai Loop wells located in the city through the bankruptcy, which total about $25,000 per year. The other parties looking for payments related to the Kenai Loop production, namely Cook Inlet Region Inc., which claims it is owed gas royalties, will likely resume their case in Alaska Oil and Gas Conservation Commission hearings later this year. Buccaneer filed to have five office leases and IT contracts vacated on Sept. 9 and filed for immediate relief from a $6,118 per month office lease in Anchorage that is set to expire Aug. 31, 2015. A hearing regarding the lease motion is scheduled for Sept. 23, at noon, Alaska Standard Time.
