Buccaneer Energy shareholders shake up board

Buccaneer Energy's Endeavour jack-up rig (Buccaneer Energy)
Buccaneer Energy’s Endeavour jack-up rig (Buccaneer Energy)

Houston entrepreneur Curtis Burton will retain a seat on the board of the independent oil and gas exploration company he founded in 2006, but shareholders also elected three outside directors proposed by dissident investors who had gained more than 8 percent of the company’s shares.

After a general meeting held Tuesday in Sydney, where Buccaneer Energy is listed on the Australian stock exchange, shareholders elected a split slate of directors to the board.

Burton, who also serves as the company’s CEO, and the company’s Australia-based finance director, Dean Gallegos, were reelected. But Nicholas Davies, Shaun Scott and Clinton Adams, were elected as well. Australian Brian Moller was also elected to the Buccaneer board.

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Houston-based director Frank Culberson, CEO of Rimkus Consulting Group, and Alan Broome of Australia were not re-elected.

The company, which is based in Houston and works in Alaska, has struggled to raise capital in the face of low stock prices. Burton and the rest of the management team tried over the past few weeks to convince shareholders that Buccaneer was on track to turn around, with two working gas wells onshore on the Kenai peninsula and a third well drilling in the Cook Inlet.

The investor groups pushing for change insisted the company had lost its way, beset by costly delays and bigger plans than it could afford.

Davies, Scott and Adams were proposed by two Singapore-based investor groups, Pacific Hill International Limited and Harbour Sun Enterprises Ltd., which together have gained almost 9 percent of Buccaneer’s stock, enough to force a vote on the board of directors.