Buccaneer Updates on Investment for Aidea Jackup

Buccaneer provided the following update in respect to the Alaska Industrial Development and Export Authority (AIDEA) participation in the acquisition of the Adriatic XI.

As previously advised the Joint Ownership Agreement (JOA) executed between the Company's 50% owned subsidiary Kenai Offshore Ventures (KOV) and AIDEA contains 15 Conditions Precedent that must be finalized prior to draw down of the AIDEA investment.

The Company considered 6 of the Conditions Precedent to be "key" Conditions Precedent and these are listed in Schedule 1 with progress to date. The remaining 9 Conditions Precedent have either been completed or documentation has been agreed upon and is awaiting execution.

It was a condition of the JOA that the Conditions Precedent be finalized by September 30, 2011. AIDEA has agreed to extend this date to accommodate the anticipated October 25, 2011 closing.

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