Buccaneer Energy Scoops Up Key Permits at Cook Inlet

Buccaneer Energy Limited advised that two key permits have been granted for oil and gas exploration operations at the Southern Cross and Northwest Cook Inlet Units located offshore in the Cook Inlet, Alaska.

The Alaskan Department of Natural Resources (DNR), Division of Oil and Gas, has approved the Buccaneer Alaska Operations, LLC Unit Plan of Operation, Cook Inlet - Exploratory Drilling Program, which approval authorizes exploration activities in state waters in the Cook Inlet.

Additionally, pursuant to the Rivers and Harbours Act of 1899, the U.S. Army Corps of Engineers has issued the required "Section 10 Permit" authorizing Buccaneer's use of a jackup rig in the navigable waters of the Cook Inlet for the planned exploration activities. The Company's Marine Mammal Monitoring and Mitigation Plan is incorporated in the Section 10 permit.

The Company's permitting plan was implemented approximately 18 months ago and is on schedule for completion prior to the arrival of the Endeavour, Spirit of Independence (300' ILC) jackup rig in Cook Inlet.

Securing these required authorizations represents a significant milestone in planning for the Company's 2012 and 2013 offshore Cook Inlet exploration operations, which includes drilling 2 wells at each of its Southern Cross Unit and North West Cook Inlet Unit.

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