Buccaneer Energy Limited (ASX:BCC) Release Netherland Sewell Reserve Report For Southern Cross Unit

Sydney, Dec 30, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) ("Buccaneer" or "the Company") is pleased to advise that it is in receipt of Netherland Sewell's preliminary reserve and resource estimates for North Middle Ground Shoal, to be renamed Southern Cross Unit.

The total combined 2P Reserve and P50 Resource is substantially higher than the expected 15 million barrels of oil equivalent ("MMBOE") detailed in the Company's recent presentation.

The final Netherland Sewell report on the North Middle Ground Shoal (Southern Cross Unit) was expected in December 2010 however is now expected in mid January 2011.

The delay is as a result of personnel being absent on annual vacations and the finalisation of capital expenditure estimates including the positive impact of ACES for the development of the project.

Contact

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