Buccaneer Energy Limited (ASX:BCC) Operations Update at Lee County Project

Sydney, Nov 24, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to provide an update for the Vick # A2 well located at the Lee County project, located approximately 120 miles west of Houston.

Vick # A2

The Vick # A2 well successfully re-commenced production utilising pumping equipment on 19 November 2010.

Production rates from the well have averaged ~230 BOPD but have been restricted by pumping equipment mechanical issues. These issues are in the process of being identified and remedial action taken.

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