Buccaneer Energy Limited (ASX:BCC) Cook Inlet Air Quality Permits Issued

Sydney, May 10, 2011 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) is pleased to advise that the Alaska Department of Environmental Conservation ("ADEC") has, after the completion of the mandatory 30 day public comment period, issued permits for four (4) drilling locations proposed by the Company, two (2) each in the Southern Cross Unit and North West Cook Inlet Unit.

As the Air Quality Permits are the longest lead time permits to obtain, taking a minimum 180 days, this milestone is an important step towards drilling the Company's offshore Cook Inlet projects.

Extensive air modeling at each drilling location was required as part of the Air Quality Permitting process. This air modeling is required to assess the impact of emissions on the environment from a drilling rig and support vessels at the particular drilling location.

Contact

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