Buccaneer Energy Limited (ASX:BCC) Lee County Project Operational Update

Sydney, June 24, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to provide the following operational update.

VICK # 2

Oil production has successfully commenced. When oil production has stabilised a further release will be made.

VICK # 1

Pumping operations commenced this morning.

This will be the final weekly release on the above wells. Further releases will be made as progress is made in production operations.

Future Drilling Plans

Planning is at an advanced stage for 3 additional wells at the Lee County project. The anticipated locations are as follows:

- # 3 well will be located in the next fault block to the north of the Vick # 1 well;

- # 4 well is being planned for the fault block immediately south of the Vick # 2 well; and

- # 5 is being planned as an offset to the Vick # 2 well approximately 1.7 miles south in an attractive area of the structure identified by seismic and historical well information.

Drilling of the one of the above wells should commence by the end of July.

Subsequent wells may be drilled successively dependent upon the results achieved and the performance over that period of the Vick #1 and #2 wells.

The Company is completing a technical review of the Eagle Ford shale in the leasehold and a further release will be made when this has been completed.

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