(World Oil) – Buccaneer Energy reported continued production growth at its Pine Mills field in East Texas, where average net production has increased to approximately 135 bopd as the company advances enhanced recovery projects and prepares to launch a waterflood later this year.
The company said production at Pine Mills has more than doubled since its current management team took over in mid-2024, when the field was producing about 54 bopd. Buccaneer added that its Pine Mills and Fouke assets generated approximately $250,000 in positive net cash flow during May, supported by realized oil prices above $100/bbl.
Buccaneer expects average net production to increase toward 250 bopd through a combination of recent acquisitions, enhanced oil recovery (EOR) initiatives and the planned Fouke waterflood project.
The Fouke waterflood remains on schedule to begin during the third quarter of 2026. The company said leaseholder unitization is progressing, while the acquisition of the Carlisle-1 well earlier this year increased its working interest in the proposed waterflood unit to more than 50%, giving Buccaneer operational control of the project.
Carlisle-1 currently contributes approximately 25 bopd and generated about $65,000 in free cash flow during May, according to the company.
Buccaneer also reported encouraging results from its Organic Oil Recovery (OOR) pilot program, launched in late 2025 in partnership with Hunting PLC. One treated well improved from a 90% water cut to effectively water-free production, with results sustained over the past four months.
The company said lower water production has significantly reduced water-handling requirements, lowering operating costs. Buccaneer plans to expand the OOR program across additional wells at Pine Mills in phases without significant upfront capital investment.
Chief Executive Officer Paul Welch said the company’s operational turnaround has created a platform for future growth.
“With the Fouke waterflood due on stream in the coming months and the OOR program being rolled out further, the Texas business is in the strongest operational shape it has been in years,” Welch said.
Looking ahead, Buccaneer said it will continue evaluating opportunities to expand beyond its existing Texas asset base while pursuing additional production growth through its current operations.
