en.Wedoany.com Reported - July 13, 2026, Buccaneer Energy has increased production at the Pine Mills oil field in East Texas and plans to organically grow average net production to approximately 250 barrels per day in the near term.

The company stated that the acquisition of the Carlisle-1 well brought an incremental production increase of about 25 barrels per day; combined with the Fouke enhanced recovery program and the Pine Mills Organic Oil Recovery (OOR) project, this lays the foundation for achieving the aforementioned production target. The unitization of working interests is progressing, and the acquisition of the Carlisle-1 well has raised the company's working interest in the proposed waterflood unit to over 50%, thereby granting operational control over the project.

The waterflood project in the Fouke area remains on schedule to commence by the end of the third quarter of 2026. The OOR pilot project launched with Hunting PLC in late 2025 has effectively increased a treatment well from a 90% water cut to water-free production, a result that has been sustained for over four months since treatment. According to the operator, the reduction in water treatment needs has a direct and significant impact on operating costs, as electricity required for water management is the second-largest cost component at the Pine Mills field, after labor.

The company indicated that it intends to gradually expand the OOR project across the entire field in phases, without requiring significant upfront capital investment. Since 2024, a disciplined workover program, cost reductions, and targeted bolt-on acquisitions have significantly boosted field production. Buccaneer stated that current average net production is approximately 135 barrels per day, and the asset generates positive free cash flow at current oil prices. When the current management team took over Buccaneer in mid-2024, production at the Pine Mills field was approximately 54 barrels per day.