Buccaneer Energy Limited (ASX:BCC) Alexander #1 Well Successfully Spudded at The Lee County Project

Sydney, Sep 1, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to announce that the Alexander # 1 well successfully spud on Friday 27 August 2010. The well is currently at 3,600' drilling ahead.

The vertical component of the well is anticipated to have a total depth of 5,800' and will penetrate the Austin Chalk and Eagle Ford shale. Logs will then be run before a 1,500' - 2,500' horizontal component is drilled in the Austin Chalk formation.

The vertical component is expected to take 7-10 days to drill and the horizontal component an additional 15-18 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 Buccaneer Energy Limited Mob: +61-416-220-007 Tel: +61-2-9233-2520 http://www.buccenergy.com