Buccaneer Marks Milestone with Cook Inlet Permits

Buccaneer Energy Limited announced Tuesday 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.

Buccaneer Energy's wholly owned subsidiary Buccaneer Resources is based in Houston, Texas and is an upstream oil and gas company. It specializes in the development and expansion of behind-pipe proved and probable reserves and low-risk exploration plays with growth potential.

Buccaneer's growth strategy is focused on the progressive expansion of oil and gas production and reserves by acquiring significant working interests in low-cost, low-risk development properties that possess significant undeveloped upside.