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

Sydney, Sep 15, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to provide an update for the Alexander # 1 well located at the Lee County project, approximately 120 miles west of Houston.

The well was shut-in on Tuesday 14 September 2010 and load water was introduced into the wellbore to facilitate changing out to a directional drilling assembly. Surface equipment is being assembled for horizontal drilling operations and it is anticipated that horizontal drilling will commence in approximately 24 hours.

Drilling of the 2,700' horizontal component is expected to take 15-18 days.

The participants in the Lee County project are as follows:

- 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