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BCC interesting little company with lots of potential

|Includes: Apache Corporation (APA), RDS.A

Over the last few months I have watched Buccaneer Energy, BCC, with great interest.  It seemed in early 2010 that this company was going to take off.  Led by industry insider, Curtis Burton, the company made some very bold moves.  They began drilling in Lee County, they bought into Alaska, they remade their executive team, and even found time to move their offices.

In 2011 we see a move toward bringing a rig to the Cook Inlet, big question though, will it be Danny Davis or BCC that gets it done.  Since Escopita has been trying to do it for years, my money is on Buccaneer.  The company is finally producing oil at the Lee County project in Texas, as this production builds we should see great things from Lee.  Of course, if the buying in the area continues it might end up that Shell owns Lee before BCC really gets it going.  During 2010 BCC hedged it's production for natural gas from Pompano at $4.30.  Now we find that the average price for 2010 was $4.20 according to Raymond James.  How did Curtis know to call that one?

Recently Dean Gallagos put out a teaser, an announcement on what the Neitherland Sewell report might have in it.  Interesting development, most small companies don't use one of the big three for reserve reports unless trying to raise capital or sell the project to one of the majors.

Then their is Apache, APA, led by Steve Ferris that just bought a large stake from Dan Donkel, large meaning all of his Cook Inlet leases.  Dan has recently been buying up on the North Slope.  Not really connected until you realize that BCC changed their strategy for a rig to include drilling outside the Inlet.

What could all of this conjecture mean for the little Australian Independent working in the Alaskan Oil and Gas field.  Probably a very profitable 2011.

So where are we on the share price of Buccaneer Energy, BCC?  Well, it really hasn't changed very much. Currently sitting between 5 cents and 6 cents.  This really does make the company's assets attractive.  A very cheap way to own a lot of value would be to make a run at the stock.

Could we see a take over bid?