Burleson Energy Limited (ASX:BUR) Quarterly Activity Update To 31 March 2010

Sydney, April 28, 2010 AEST (ABN Newswire) - Burleson Energy Limited (ASX:BUR) releases its Quarterly Activity Update to 31 March 2010.

Austin Chalk wells and acreage

BUR sold its Austin Chalk wells and acreage for U$1.344 m (A$1.435m) to Whittier Energy Company with an effective date of 1 January 2010. BUR will retain small royalty interests in two producing wells drilled by other companies on the acreage since mid 2009. These are: 1.3% overriding royalty in Apolonia #2 (which is on production) and ~1% overriding royalty interest in the Walkoviak #1 well (currently drilling). In addition BUR will be retaining ~1.5% overriding royalty interest in future wells drilled in approximately 6,700 acres.

Colorado County (Texas) 3D seismic project

Brasher 1 well, (BUR 38% working interest, 29.77% net revenue interest)

The Brasher 1 well was drilled in February 2010 to the planned total depth (TD) of 5,000' ft (1,524m). It was logged and 14' (4m) of gas was encountered in the primary objective in the Yegua reservoir where a formation test yielded 100% gas. It subsequently flowed gas on test at 380 mcf/day and was brought on production on 15 April 2010. The size of the discovery will not be determined until the well has been flowed for an extended period.

Heintschel 1 well (BUR 38% working interest, 29.77% net revenue interest)

On 4 April 2010 the Heintschel 1 well was spudded. It is targeting a lower Wilcox sandstone reservoir prospect in a stratigraphic trap with four-way closure, and is analogous to recent Wilcox discoveries along trend.

It is a vertical well and was drilled to a total depth of 11,800 feet. While drilling in the reservoir section strong gas shows were reported and these were confirmed by electric logs and side wall coring. The well is being completed for production and will be fracture stimulated and tested.

Moeller 1 (W2) well (BUR 36% working interest)

Preparations are well advanced for the drilling of the Moeller 1 (W2) well targeting lower Wilcox sandstone reservoirs in a large structure which has the potential to contain over 100 bcf of gas and 2.4 million barrels of condensate (oil).

The Moeller prospect is one of the two new large Wilcox prospects secured in January 2010. It is located outside and to the SW of the main 3D project area in Colorado County.

Wilcox well 3 (W3) (BUR 38% working interest)- The joint venture has the option to retain the Big 6 drilling rig for a third Wilcox well.

Woppa well (BUR 38% working interest)- A well is planned to test the very large Edwards and Sligo carbonates reservoir targets in 2H10.

Corporate

During the quarter BUR raised A$2.489 million (before costs) via a Placement in February 2010 and a Non Renounceable Rights in March 2010; issuing 41,491,777 ordinary shares at 6 cents per share. A Shortfall Placement (as part of the Non Renounceable Rights Issue) of 30,132,623 ordinary shares at 6 cents per share was completed 6 April 2010, raising a further A$1.807. Funds raised will be used as working capital, retire debt and exploration drilling.

The debt retired was a loan from AKG Energy, L.P, which was used to fund the Colorado 3D Seismic programme.

The cash position at 31 March 2010 was AUD $3,984 million (excluding the Shortfall Placement proceeds). No Convertible Notes were converted to equity during the period.

For the complete Burleson Energy Quartery Activity Update including Drilling Schedule, please view the following link:

http://www.abnnewswire.net/media/en/docs/62718-ASX-BUR-488765.pdf

Contact

Mike Sandy Managing Director Tel: +61-2-9450-2002 Fax: +61-2-9986-1753 Email: info@burlesonenergyltd.com www.burlesonenergyltd.com