Buccaneer Spuds 1st Alaskan Well

Buccaneer announced the Kenai Loop # 1 well spud on Friday, April 15, 2011. This is a milestone for the Company as it is the first well drilled by the Company in Alaska and comes just over 12 months since the initial acquisition of leases in Alaska was finalized.

At 8:00 AM Monday, April 18, drilling operations for the well had been successful in reaching 3075 feet, the designed surface casing point, preparations are being made to log this surface interval. On completion of logging surface casing will be set before commencement of drilling the next interval.

The next interval includes the Beluga Formation, one of several target objectives for the well. The Total Depth (TD) of the Kenai Loop # 1 well is 10,500 feet. The well is currently on schedule and expected to take approximately another 20 days to reach TD.