Buccaneer Encounters Multiple Gas Shows at Kenai Loop #4

Buccaneer Energy Limited provided the following update on the progress of the 100 percent owned Kenai Loop # 4 well:

Time: 9:00 a.m. (Sydney) October 24, 2012 / 2:00 p.m. (Anchorage) October 23, 2012.

Depth: 12,050 feet Measured Depth (MD) / 11,733 feet Total Vertical Depth (TVD)

Activity: Drilling bit change at 11,545 feet MD. Drilling ahead to a total depth of 13,000 feet MD

Comment: Multiple gas shows have been encountered since re-commencement of drilling from intermediate casing point.

The proven productive sands in the Kenai Loop # 1 well were encountered as expected in the Kenai Loop # 4 well. The 9,700 feet sand in the Kenai Loop # 1 well is seen at 10,294 feet MD in the Kenai Loop # 4 well, the 10,000 feet sand in the Kenai Loop # 1 well is seen at 10,617 feet MD in the Kenai Loop #4 well.

The log while drilling (LWD) characteristics of the above sands, as seen in the Kenai Loop # 4 well, are similar to the known proven pay in these two productive sands in the Kenai Loop # 1 well.

Kenai Loop # 4 well is also targeting gas pay from zones deeper than the two producing sands in the Kenai Loop # 1 well. To date, in addition to the 9,700 feet and 10,000 feet sand equivalents detailed above, at least four additional zones are indicated as likely test targets. Two of these zones are above the 9,700 feet sand equivalent and two are below the 10,000 feet sand equivalent, these zones were identified by the analysis of mud log and LWD information.

The Cannery Loop Field (less than 2 miles south of the KL #1 well) has productive Tyonek Formation sands that have been identified on the Kenai Loop 3D seismic, with hydrocarbon indicators, which have yet to be intersected in the Kenai Loop # 4 well and are below the current drilled depth.

The above information is based on mud logs and LWD equipment. On completion of drilling operations wire line logs will be run after which a decision will be made as to what zones will be tested.

The well will have a bottom-hole location approximately 2,000 feet north-west of the successful Kenai Loop # 1 well.

The targeted pay sands within the Tyonek included the 9,700 feet and 10,000 feet sands that are currently producing 6.0 million cubic feet per day from the Kenai Loop # 1 well on a 9/64" choke. The majority of this gas is being sold to a local utility at an annual weighted price of $6.24 / MMcf.

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