Buccaneer Energy Limited (ASX:BCC) Updates On Alexander # 1 Well At Lee County Project

Sydney, Oct 6, 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.

Down-hole completion equipment has been mobilized to the Alexander #1 location and a completion rig will arrive shortly to commence installation of the down-hole equipment.

The well site is also being prepared for surface completion equipment, which will be moved to the site later in the week. The well will commence production immediately after all completion equipment has been installed and tested.

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