Buccaneer Reports 2nd Successful Well in the High Island A-268

Buccaneer Resources announced its second well in its successful offshore project in the High Island A-268 gas and oil field, located in 166 feet of water offshore Texas in the Gulf of Mexico.

Following the discovery well in January this year, a production jacket was built and installed July 7th. Gas Pipeline construction from the jacket to the sales platform is underway and will be completed shortly.

A TODCO 250 jack-up drilling rig moved into the field on July 21, 2007 and jacked-up over the recently installed HIA-268A unmanned production platform. The rig spudded Well A-2, the second well on the High Island oil and gas field, on July 23, 2007.

"Well A-2 is a directionally drilled, deviated well targeting gas accumulations at two reservoir sand intervals at about 5,500 feet and 7,600 feet," said Buccaneer Chief Exploration Officer Neville Henry. "The proposed total depth of Well A-2 is approximately 8,000 feet. If the anticipated reservoirs prove productive, production casing will be run and the well completed for production. After the rig completes the A-2 well it will move to the A-1 well and finish the completion of it." The drilling and completion of Well A-2 and the completion of the A-1 is expected to take approximately 30 days. Production from the combined wells is expected to commence in late August.

To connect scarce service-industry resources with capital and quality prospects, Buccaneer Resources has stepped into a resource-constrained world offering services, equipment and capital to both small and large independents, with the ability to meet the most specific needs. Buccaneer Resources has negotiated special rates with a group of service, hardware and drilling rig providers and can offer client companies access to their network of equipment and services. The network is designed to offer a wide array of resources needed by nearly any segment of the upstream energy industry to bring a development on line.

Buccaneer is actively building capital and resource solutions for ten prospects, both onshore and in the Gulf of Mexico. Buccaneer recently announced it has successfully signed an LOI with AnaTexas on a redevelopment plan for the Pompano Field in Brazos Block 446 Texas State waters, in 66 feet of water.

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