Eos Petro, Inc. announced that it has closed the farm-out of certain Alaskan projects by the execution of a binding Participation Agreement and Joint Operating Agreement with Buccaneer Energy Limited. Chrystal Capital LLP first introduced EOS to Buccaneer in early January. EOS will earn, or have a right to earn, a 50.0% working interest in the following projects, which are either 100% owned by Buccaneer or that Buccaneer has the right to earn a 100% of the interest: Southern Cross Unit - Offshore; North Cook Inlet Unit Deep Oil Rights - Offshore; and West Eagle - Onshore.

In addition, EOS will have an option to earn a 50% working interest in Buccaneer's North West Cook Inlet Unit under the same terms. Buccaneer will retain a 50% working interest in, and will be the Operator of, each of the projects. EOS will pay 100% of the costs associated with the first two wells in each of the above projects, and EOS' 50% working interest will be assigned to it upon the funding of the first commitment well of the Southern Cross Unit. Based upon information provided to EOS by Buccaneer, EOS anticipates its 50% working interest will amount to 1P reserves of 8.10 Million Barrels of Oil Equivalent and 2P reserves of 25.70 MMBOE.

Total gross expenditure by EOS under these agreements is expected to be between USD 150.0 million to USD 200.0 million.