Buccaneer Energy has increased production at Pine Mills field in East Texas.

Adding about 25 bo/d in production, the Carlisle-1 well acquisition, combined with the Fouke enhanced recovery scheme and the Pine Mills Organic Oil Recovery (OOR) program, provides a foundation upon which Buccaneer plans to organically grow average net production towards about 250 bo/d in the near term, the company said.

Unitization of leaseholders is progressing, and the acquisition of Carlisle-1 earlier this year increased the company's working interest in the proposed waterflood unit to above 50%, giving Buccaneer operational control of the program going forward.

The Fouke area waterflood program remains on schedule to start in late third-quarter 2026.

The OOR pilot program, initiated at yearend 2025 in partnership with Hunting PLC, has improved a treated well to effectively water-free production from a 90% water cut, a result that has been sustained over 4 months post-treatment. The reduction in water-handling requirements has a direct and material impact on operating costs, as the power required for water management is the second-largest cost component at Pine Mills after staffing, according to the operator.

The company said it intends to expand the OOR program across the field in progressive stages without material upfront capital investment.

A disciplined program of workovers, cost reduction, and a targeted bolt-on acquisition has notably increased field production since 2024. 

Current average net production is about 135 bo/d, with the asset generating positive free-cash flow at current oil prices, Buccaneer said.

When the current management team assumed responsibility for Buccaneer in mid-2024, Pine Mills was producing about 54 bo/d.