Bounty Oil & Gas NL (ASX:BUY) Ubute 1 Oil Exploration Well Reached Total Depth of 1414 Metres

Sydney, Nov 12, 2010 AEST (ABN Newswire) - Bounty Oil & Gas NL (ASX:BUY) (PINK:BYOGF) announces that the Ubute 1 oil exploration well within the northern section of the Utopia block (ATP560P) has reached total depth of 1414 metres without encountering hydrocarbon shows in any of the primary or secondary target zones.

The primary target Murta Formation was intersected at 12 metres low to prognosis indicating possible absence of structure.

Current operations - ADS 6 Rig conducting wiper trip prior to running electric logs.

The next 2 wells in the program will be development wells in the producing Utopia Oil Field.

Participating interests are:

- Bounty Oil & Gas NL: 40%

- Bridgeport Energy Limited: 60% (Operator)

Contact

Graham Reveleigh Chairman Tel: +61-7-4033-1805 Email: mining@cairns.net.au Philip F Kelso Chief Executive Officer Tel:+61-2-9299-7200 Email: geo@bountyoil.com http://www.bountyoil.com