Buccaneer Energy Limited (ASX:BCC) Updates On Alexander # 1 And Vick # A2 Wells At Lee County Project

Sydney, Oct 13, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to provide an update for the Alexander # 1 and Vick # A2 wells located at the Lee County project, approximately 120 miles west of Houston.

Alexander # 1

The well was successfully placed on production on 10 October 2010, the well has been producing approximately 400 BOPD. The well is still in the process of cleaning up and is being monitored to ascertain if pumping equipment will be required.

Vick # A2

The angle of the horizontal has been built and horizontal drilling will commence in the next 12 hours. It is the current intention to drill a 1500' - 1600' horizontal component of this well.

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