Buccaneer Energy Limited (ASX:BCC) Lee County Project Alexander # 1 Well Update

Sydney, Sep 8, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) Alexander # 1 well spud on 27 August 2010. The well is currently at approximately 5,000' and drilling ahead after setting and cementing 5 1/2" casing.

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 an additional 2 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% (* A wholly owned subsidiary of Buccaneer Energy Limited)

- Sandstone Energy: 38.75%

- Megashine International Ltd: 8.75%

Contact

Dean Gallegos Mob: +61-416-220-007 Tel: +61-2-9233-2520 http://www.buccenergy.com