Buccaneer Energy Limited (ASX:BCC) Announces Lee County Operational Update And First Crude Sale

Sydney, June 15, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is please to give the following update:

FIRST CRUDE SOLD

One load of oil from previous flow testing of Vick # 2 has been trucked to sale.

VICK # 2

Tanks, pumping unit, and other surface equipment have been delivered, successfully installed and necessary piping run and tested. Supply gas, gas motor and pump will be tested and pumping operations will commence after final equipment tests which is expected in the next 48 hours.

Once a stabilised pumping rate has been established the Company will make a further update.

VICK # 1

Tubing and other down-hole pumping equipment has been successfully installed. Temporary tanks and other surface equipment are currently being positioned and the pumping unit will be installed this week. This equipment will be utilized until fluid production from the well has been evaluated for permanent surface equipment. Pumping operations will commence when electric power connected and tested which is expected in the next 5 days.

The participants in the Lee County project are as follows:

Participant             Working Interest----------------------------------------Buccaneer Resources*           52.50%Sandstone Energy               38.75%Megashine International Ltd     8.75%

* A wholly owned subsidiary of Buccaneer Energy Limited

Contact

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