Buccaneer Energy Limited is an Australia-based company focused on developing its 100% owned oil and gas assets in Alaska. During the fiscal year ended June 30, 2012 (fiscal 2012), the principal activities of the Company were the acquisition, exploration, drilling and production of oil and gas. The Company operates in five segments: Alaska onshore exploration, consists of the all the exploration and evaluation of all oil and gas assets and projects located onshore; Alaska offshore exploration, consists of the all the exploration and evaluation of all oil and gas assets and projects located offshore; Lower 48 states onshore exploration, consists of the onshore exploration, evaluation, production and development of oil and gas assets and projects; Lower 48 states offshore production consists of the offshore exploration, evaluation, production and development of oil and gas assets and projects, corporate. On August 16, 2012, it acquired of interest in the Cosmopolitan project.