Buccaneer Energy Limited (ASX:BCC) Announces Acquisition Of Additional Cook Inlet Leases

Sydney, May 27, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) ("Buccaneer" or "the Company") is pleased to advise that its wholly owned subsidiary Buccaneer Alaska, LLC has entered into a binding agreement to acquire between a 50 - 100% Working Interest in 4 leases (8828 gross acres and 6322 net acres) on its North Middle Ground Shoal structure in the Cook Inlet, Alaska.

This acquisition consolidates the ownership on the geological structure with the lease previously acquired from Stellar Oil & Gas, LLC (see link at the bottom for attached map) and will give the Company a controlling position on this low risk opportunity. It includes the location of a well drilled in the 1960's by Pan AM (Amoco) that was tested at 3.4 million cubic feet per day of gas.

This production rate was from 1 of 3 identified gas lobes that the well penetrated in the Upper Tyonek Formation. In the Lower Tyonek Formation oil was tested. The discovery was considered non-commercial at the time due to low commodity prices.

The leases acquired were as follows:

-----------------------------------------------------Prospect / ADL #   Gross Acreage     Working Interest-----------------------------------------------------391108               2542                 50.0%390379               2536                100.0%17595-2              2470.5               50.0%390370               1280                100.0%

The holder of the remaining 50% working interest in ADL 391108 and 390370 is Chevron.

For the complete Buccaneer Energy announcement including the Map, please view the following link:

http://www.abnnewswire.net/media/en/docs/62958-ASX-BCC-593907.pdf

Contact

Dean Gallegos Director Mob:+61-416-220-007 Ph: +61-2-9233-2520 Website: www.buccenergy.com